RIL eyes entering new materials, renewable energy biz through acquisitions

Reliance Industries (RIL) is looking to speed up its entry into the new materials and renewable energy business through fresh acquisitions. RIL Chairman Mukesh Ambani had announced that the company will be going global under its new energy business during the 44th Annual General Meeting in June this year.

RIL is believed to be closing in on a deal to buy out the REC Group, a Norway-headquartered solar module maker with links to the Chinese government-owned China National Chemical Corporation (ChemChina). The deal with RIL is estimated at around $ 1.2 billion.

Ambani had also announced setting up a solar module factory