Reliance eyes acquisition of Europe's REC Group for $1.2 bn

02 Sep 2021 CW Team

Reliance Industries Limited will acquire Europe's largest solar manufacturer, Renewable Energy Corporation (REC) Group, for about Rs $1 to $1.2 billion from China National Chemical Corporation (ChemChina).

The company has big goals for green energy to access the best technologies and global manufacturing capacities.

According to a report, RIL also speaks to global lenders to increase $500 to $600 million in finance acquisition for the transaction. The remaining amount will be financed through equity.

The company produces silicon-based materials for photovoltaic (PV) applications, multi-crystalline wafers, solar cells and modules. The acquisition deal is almost complete, and the transactions are discussed, though a few announcements are likely to be made.

REC Group has a yearly volume of 1.5 GW. The company has manufactured more than 40 million solar panels, generating 11 GW of power for the consumers. Some of its renowned customers are IKEA, Tiger Beer, Audi. The parent company is based in Scandinavia and Singapore, though it is one of the largest renewable manufacturers worldwide. In India, the company started as a small supplier of power utilities like Greenko a decade ago and scaled projects for the Department of Atomic Energy and Eenadu Group.

In June, while addressing the 44th annual general meeting, Mukesh Ambai announced that RIL has green plans to set up 5,000 acres of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. The company will invest $10 billion in setting up four Giga factories. He also announced the investment of $144 million, along with Bill Gates, Paulson & Co, and Ambric Inc, an energy storage firm.

Image Source

Also read: India adds 2,488 MW solar capacity in Q2, rising 19% QoQ over Q1

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..