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Workers rest in front of a Reliance Industries Limited advertisement at a construction site in Mumbai, India on March 2, 2016. REUTERS / Shailesh Andrade / File Photo
NEW DELHI, October 10 (Reuters) – A unit of Indian conglomerate Reliance Industries Ltd (RELI.NS) announced on Sunday that it had acquired REC Solar Holdings for an enterprise value of $ 771 million from China National Bluestar (Group) Co Ltd .
The purchase by Reliance New Energy Solar Ltd (RNESL) follows an announcement in June by the parent company – the operator of the world’s largest refining complex – that it would invest $ 10.1 billion in the clean energy over three years with the goal of becoming net zero carbon by 2035. Read more
RNSL announced in August that it would invest $ 50 million in U.S. energy storage firm Ambri Inc as part of a $ 144 million investment from Reliance Industries, along with billionaire Bill Gates, the company of Paulson & Co investment management and others. Read more
Reporting by Nidhi Verma; Editing by William Mallard
Our Standards: Thomson Reuters Trust Principles.
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