Reliance Industries acquires REC Solar at Rs 5,800 crore

12 Oct 2021 CW Team

Reliance Industries (RIL) acquired REC Solar Holdings AS (REC Group) from China Bluestar (Group) at Rs 5,800 crore.

The purchase will help RIL's wholly-owned subsidiary, Reliance New Energy Solar, build its integrated metallic silicon to PV panel manufacturing Giga factory in Jamnagar, with a capacity of 4 GW per year initially and eventually increasing to 10 GW.

According to the company, the technology will be used to replicate such complexes globally in markets such as the United States, Europe, and Australia.

REC has three manufacturing facilities – two in Norway for solar-grade polysilicon and one in Singapore for PV cells and modules.

RIL will have immediate access to REC's existing capacity and will also assist in the construction of a 2 GW capacity of cells and modules in Singapore, which is currently under construction. According to the company, it will also build a greenfield capacity of 2 GW in France and a 1 GW capacity in the United States.

RIL chairman Mukesh Ambani announced a Rs 75,000 crore investment to build four clean energy Giga factories and supply chain facilities to meet India's potential demand for solar modules and cells, battery storage, electrolysers for green hydrogen, and fuel cell batteries on 24th June 2021.

Ambani told the media that the latest acquisition is in line with RIL's strategy of investing in new and advanced technologies as well as operational capabilities to achieve RIL's goal of enabling 100 GW of clean and green energy by the end of this decade.

Ambani said this will be the single-largest contribution by a single company to Prime Minister Narendra Modi's goal of 450 GW of renewable energy production by 2030. It will allow India to become a global leader in the transition to green energy to address the climate crisis.

Image Source

Also read: Tata Power ties up with renewable energy AI firm BluWave-ai

Reliance Industries (RIL) acquired REC Solar Holdings AS (REC Group) from China Bluestar (Group) at Rs 5,800 crore. The purchase will help RIL's wholly-owned subsidiary, Reliance New Energy Solar, build its integrated metallic silicon to PV panel manufacturing Giga factory in Jamnagar, with a capacity of 4 GW per year initially and eventually increasing to 10 GW. According to the company, the technology will be used to replicate such complexes globally in markets such as the United States, Europe, and Australia. REC has three manufacturing facilities – two in Norway for solar-grade polysilicon and one in Singapore for PV cells and modules. RIL will have immediate access to REC's existing capacity and will also assist in the construction of a 2 GW capacity of cells and modules in Singapore, which is currently under construction. According to the company, it will also build a greenfield capacity of 2 GW in France and a 1 GW capacity in the United States. RIL chairman Mukesh Ambani announced a Rs 75,000 crore investment to build four clean energy Giga factories and supply chain facilities to meet India's potential demand for solar modules and cells, battery storage, electrolysers for green hydrogen, and fuel cell batteries on 24th June 2021. Ambani told the media that the latest acquisition is in line with RIL's strategy of investing in new and advanced technologies as well as operational capabilities to achieve RIL's goal of enabling 100 GW of clean and green energy by the end of this decade. Ambani said this will be the single-largest contribution by a single company to Prime Minister Narendra Modi's goal of 450 GW of renewable energy production by 2030. It will allow India to become a global leader in the transition to green energy to address the climate crisis. Image Source Also read: Tata Power ties up with renewable energy AI firm BluWave-ai

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..