Reliance Industries Acquires REC Solar in a Deal Worth $771 Million

India based multinational company with investments in telecommunications, petroleum, retail, textile, mass media and natural gas Reliance Industries Ltd. (NSE: RELI) has purchased REC Solar in a deal worth $771 million. China National Bluestar Co Ltd is the former owner of REC Solar.

Back in June, Reliance announced that it will be pumping in an investment of $10.1 billion in clean energy over the next three years to accelerate its ambitions of becoming a net carbon zero by the year 2035. The company said it will do this investment through its Reliance New Energy Solar Ltd (RNESL) wing.

Two months ago, Reliance New Energy Solar Ltd, announced that it would be investing $50 million in United States based energy company aiming to produce molten-salt batteries for energy storage in wind and solar power systems Ambri Inc. as part of its $144 million investments from its parent company Reliance Industries.

 

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