Green Energy After Retail, Telecom: RIL Takes Big Leap In Another Sector With Acquisition Of Europe’s Largest Solar Panel Maker
Courtesy : News 18
Green Energy After Retail, Telecom: RIL Takes Big Leap In Another Sector With Acquisition Of Europe’s Largest Solar Panel Maker

REC Group acquisition will enable India to become a world leader in green energy transition to overcome the climate crisis, said RIL chairman and MD Mukesh Ambani
After telecom and retail, Mukesh Ambani-owned Reliance Industries (RIL) is all set to cause another big move. This time in the green energy sector. The oil-to-telecom-to-retail conglomerate will acquire leading European solar module maker REC Group for an enterprise value of US$ 771 million (around Rs 5,800 crore) from China National Bluestar.
With manufacturing in Scandinavia and Singapore, REC Group is the largest solar panel manufacturer in Europe. It has an annual volume of 1.5GW. It has made over 40 million solar panels, with generation of 11GW of power for customers. This is a part of Reliance Industries’ new energy initiative of developing capacity to generate at least 100 gigawatts of electricity from renewable sources, which can be converted into carbon-free green hydrogen, by the end of this decade.
“It will enable India to become a world leader in green energy transition to overcome the climate crisis,” Reliance Industries chairman and managing director Mukesh Ambani said in a statement.
After recent investments in the new energy field, Reliance Industries is now ready to set up a global scale integrated photovoltaic giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels, the company said in a statement.
