MUMBAI: Reliance Industries owner Mukesh Ambani has started shopping for his clean energy market. For this, the company is going to buy Norwegian solar module maker REC Group from China National Chemical Corp (ChemChina) for 1-1.2 billion. Oil to Telecom Group had announced an investment of Rs 75,000 crore in clean energy. under which the investment is being made.
Discussions are underway with global banks for financing between $500 and $600 million to buy the company. The remaining vacancies will be financed through equity. The deal will also open the way for Reliance to access high age technology and global manufacturing capabilities to further its solar power sector expansion plans.
Let us tell you that REC Group was established in 1996. which is an international “member” of state-run chemicals major China National Chemical Corp and has the largest shareholdings in Pirelli Tires and Syngenta. The European brand, which leads the REC Group Solar Photovoltaic (PV) panels, has an annual solar panel production capacity of 1.8 GW and has installed about 10 GW of capacity globally.