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

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..