+
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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code