Reliance buys REC Solar in green energy push
ASIA’S richest man Mukesh Ambani’s Reliance conglomerate has bought Norway-based REC Solar from China National Bluestar for $771 million (£569m), the company said last Sunday (10), as it aggressively expands into the green energy sector.
The oil-to-telecom giant pledged in June to invest $10 billion (£7.37bn) in renewable energy over the next three years – one of several big firms moving into the industry as the country pushes to reduce its dependence on imported fossil fuels.
The Mumbai-headquartered firm said the purchase would open up opportunities in key green energy markets such as the United States, Europe, Australia and Asia.
“It (buying REC Solar) will enable India to become a world leader in green energy transition to overcome the climate crisis,” Ambani said in a statement.
He added that Reliance
hopes to generate 100 gigawatts of renewable energy by the end of the decade. That is nearly a quarter of the 450GW target set by India’s prime minister Narendra Modi.
REC, a solar panel manufacturer, has its headquarters in Norway. It runs its operations from Singapore, with regional hubs in North America, Europe, Australia, and the AsiaPacific region.
China National Bluestar is majority-owned by state-run China National Chemical Corporation (ChemChina).
Reliance’s multi-billion-dollar fortune has been powered by oil and petrochemicals businesses, but the company has diversified into areas including telecoms and retail in recent years.
India is the world’s third-biggest carbon emitter. It is expected to become the most populous country in the world by the middle of the decade.