In keeping with its focus on clean energy, Reliance Industries Ltd (RIL) is looking to buy Norwegian solar module maker REC Group. This is in keeping with its Rs 75,000 crore push into clean energy, said two people aware of the development to LiveMint.
At its 44th AGM, Reliance Industries (RIL) Chairman Mukesh Ambani on had announced that the company will invest Rs 75,000 crore in clean energy business over the next three years. He said that RIL was launching the new energy business with the aim of bridging the green energy divide in India and globally.
“We will transform our legacy business into sustainable, circular and net-zero carbon materials business,” said Ambani.
Norway’s REC Group has an annual solar panel production capacity of 1.8 gigawatts (GW) and has installed around 10GW capacity globally. REC, founded in 1996, has regional hubs in North America, Europe and Asia-Pacific. In an emailed response, a spokesperson for RIL declined to “comment on media speculation and rumours", said the financial daily.
Last year, Ambani had shared the vision to create the next big Value Creation Engine for Reliance and India – New Energy and New Materials business, and announced company's 15-year commitment to become net carbon zero by 2035.