Reliance New Energy Solar Limited (RNESL), the new company of the country's famous businessman Mukesh Ambani, has bought a Chinese company. Reliance Industries has bought China's REC Solar Company for $771 million. The company shared this information on Sunday. Mukesh Ambani says that now soon his firm will provide cheap electricity to customers in India and overseas markets.
According to the news agency language, the company said in a statement, "RNESL has bought 100 percent stake of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Limited for $ 771 million (about Rs 58 billion). "
"This acquisition will achieve 100 GW of clean and green energy by the end of this decade, which is part of Reliance's target strategy," Mukesh Ambani said in the statement. "Reliance along with our other recent investors is now ready to set up a photovoltaic giga factory globally and make India the manufacturing hub of lowest cost and highest efficiency solar panels," he added. That his firm will provide reliable and affordable electricity to customers in India and overseas markets.
Let us tell you that REC is headquartered in Norway. It operates in Singapore. Apart from this, it has other centers in North America, Europe, Australia and Asia-Pacific. REC Group is an international solar energy company. This 25 year old company has three manufacturing plants. Two of these are in Norway, where solar grade polysilicon is made. There is a plant in Singapore, where PV cells and modules are manufactured.
