Mukesh Ambani’s Reliance Industries announced Rs 75,000 crore investment to build its new energy business in 2021 and the acquisition of REC Solar Holdings was a part of it.
Mukesh Ambani is the richest man in India and in Asia. He is the chairperson of Reliance Industries which is the most valuable company in India with a market cap of Rs 1842000 crore. Mukesh Ambani is involved in a range of business and in the last few years, he has been significantly involved in the new energy business. In 2021, Mukesh Ambani bought the REC Solar Holdings from China National Bluestar Group Co with an aim to expand in green energy markets globally. Now, Reliance Industries is selling REC Solar Norway AS to a 120-year-old Norwegian firm Elkem ASA for Rs 182 crore ($22 million).
"REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million," RIL said in a stock exchange filing.
"RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based polysilicon." it further added.
For those who are unaware, Mukesh Ambani’s Reliance Industries announced Rs 75,000 crore investment to build its new energy business in 2021 and the acquisition of REC Solar Holdings was a part of it. Recently, the frim reiterated its promise to double down green energy investment to Rs 1.5 trillion to aid the ambitious target of achieving net-zero carbon by 2035. Reliance Industries New Energy business is an optimal mix of reliable, clean and affordable energy solutions with hydrogen, wind, solar, fuel cells, and batteries.
Reliance is making significant progress in developing the Dhirubhai Ambani Green Energy Giga Complex, which spans 5,000 acres in Jamnagar. This progress is a reflection of the Company’s strategy to establish Giga factories to realise its vision for the New Energy business. Reliance is on track to create a fully integrated manufacturing ecosystem, complete with secure and self-sufficient supply chains.
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