RIL's renewable energy arm buys REC Solar Holdings in $771 mn deal

Target is one of world's top solar cells/panel and polysilicon firms, will be key part of Reliance's new energy vision

Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has announced acquisition of 100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of $771 million.

A press release issued by the Reliance group said, the Norway-headquartered REC has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific. REC Group is an international pioneering solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable