Reliance eyes acquisition of Europe's REC Group for $1.2 bn
POWER & RENEWABLE ENERGY

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

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

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

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?