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%.
“SUCCESSFULL INVESTING IS ABOUT MANAGING RISK, NOT AVOIDING IT.”
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.