Expanding into the green energy sector, Reliance Industries Limited (RIL) bought Norway-based REC Solar from China National Bluestar for $771 million (around £580 million). “Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of RIL, has acquired REC Solar Holdings as (REC Group) from China National Bluestar (Group) Co Ltd., for an enterprise value of $771 million," RIL said in a statement.
REC is a leading international solar energy company and is headquartered in Norway. The company runs its operations from Singapore along with having regional hubs in North America, Europe, Australia, and the Asia-Pacific region. The company is renowned for its high-efficiency solar cells and panels.
Reliance's recent purchase came months after the company pledged to invest $10 billion in renewable energy over the next three years in order to reduce its dependence on imported fossil fuels, said a report.
The statement by the company added that its recent venture will help them explore opportunities in key green energy markets in 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 the statement.
Reliance is targeting to generate 100 gigawatts of renewable energy by the end of the decade, which will make up to nearly a quarter of the 450GW target set by Indian Prime Minister Narendra Modi. Reliance, over the years, has diversified into areas including telecoms and retail apart from owning oil and petrochemicals businesses. Last week, Reliance opened India's first 7-Eleven convenience store in Mumbai in a boost to its retail presence in a sector dominated by family-owned stores, known as "kirana" shops.