India’s Reliance buys REC Solar for $771 million- statement

Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Photo

NEW DELHI, Oct 10 (Infoday) – A unit of Indian conglomerate Reliance Industries Ltd (RELI.NS) said on Sunday it has bought REC Solar Holdings for an enterprise value of $771 million from China National Bluestar (Group) Co Ltd.

The purchase by Reliance New Energy Solar Ltd (RNESL) follows the June announcement by the parent – operator of the world’s biggest refining complex – that it would invest $10.1 billion in clean energy over three years in a drive to become net carbon zero by 2035. read more

RNESL said in August it would invest $50 million in U.S. energy storage company Ambri Inc as part of a $144 million investment by Reliance Industries, along with billionaire Bill Gates, investment management firm Paulson & Co and others. read more

Reporting by Nidhi Verma; Editing by William Mallard

Our Standards: The Thomson Infoday Trust Principles.

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