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 Manufacturer REC Group from China National Chemical Corp (ChemChina) for 1-1.2 billion. The Oil to Telecom Group had announced an investment of 75,000 crores rupees in clean energy. This investment is being made as part of which.
Discussions are on with Global Banks for financing between $500 and $600 million to buy the company. The rest of the vacancies will be financed through equity. The deal will also open the way for Reliance to reach high age technology and global manufacturing capabilities to further its plan to expand its solar power sector.
Tell you that the REC Group was established in 1996. Which is an international "member" of the state-run chemicals major China National Chemical Corp. and the largest shareholding in Pirelli Tyres and Syngenta. The European brand, leading to the REC Group Solar Photovoltaic (PV) panel, has an annual solar panel generation capacity of 1.8 GW and has installed a capacity of about 10 GW globally.
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