Reliance Industries raises holdings in Solar Business

Reliance Industries raises holdings in Solar Business

Mukesh Ambani raised their holdings to 40% in Sterling & Wilson Solar with a combined deal of Rs. 9,300 crores. Reliance Industries Ltd, owned by billionaire Mukesh Ambani, announced on Sunday, it had acquired REC Solar Holdings from Norway at a cost of $771 million, its first step towards building a multibillion-dollar clean energy platform without the carbon footprint by 2035.

Reliance’s solar business acquired 100% shareholding of REC Solar Holdings AS from China National Bluestar Co Ltd.

According to the source, the RNESL executed definitive agreements with SWSL to acquire a 40% stake through a series of transactions. Further, these deals include a 15.90% special allotment, acquisition of a 9.70%  stake from the promoter, and an open offer of 26%.


The acquisition step will help the RIL to expand in green energy markets globally along with the US, Europe, Australia, and Asia. Further, REC will make solar-grade polysilicon, panel, and modules in Norway and Singapore. Moreover, it has over 1,300 employees globally.

During the RIL annual general meeting, Ambani stated a 60,000-crore investment to create a clean energy manufacturing capacity. Moreover, Rs. 15,000 crores expense for value chain and technology.

However, this purchase is part of Ambani’s $2 billion out of $10 billion renewables plan, acquisition plan to create new clean energy companies.


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