Reliance Industries announced on Sunday that it is acquiring one of the largest solar panel manufacturing companies, REC Solar Holdings AS (REC Group), for an enterprise value of US$771 million (approximately Rs 5,800 crore). Reliance Industries Chairman and Managing Director said, “I am extremely happy with our acquisition of REC as it will help Reliance harness the unlimited and year-round power of Surya Dev, Surya Dev, which is a matter of great fortune for India. Is.” Mukesh Ambani said in a statement after the acquisition.
Headquartered in Norway, REC Group has been leading the solar equipment manufacturing industry for over a decade. It was the first to introduce Half Cut Passive Emitter and Rear Cell (PERC) technology, which was later adopted by all major manufacturers. The global giant later introduced heterojunction (HJT) technology, which helps its modules exceed the performance of other commonly used technologies in the industry. Notably, the entire range of solar modules produced by REC was comparatively efficient, reliable and longer guaranteed life, according to industry leaders. It holds over 600 utility and design patents, of which 446 are approved and the rest are being evaluated. Ambani said this state-of-the-art technology coupled with Reliance’s world-class innovation, scale and operational excellence will help India become “a manufacturing hub for the lowest cost and highest efficiency solar panels”.
“This is in line with our strategy to invest in new and advanced technologies and operational efficiencies aimed at achieving Reliance’s goal of enabling 100 GW of clean and green energy before the end of this decade,” Ambani said.
Reliance Industries plans to use REC Group’s industry-leading technology, “fully integrated, PV panel manufacturing at Giga Factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar, from metallic silicon with an initial capacity of 4 GW per annum”. and eventually increasing to 10 GW per year. annually”.
He further added, “This will be the largest contribution by a single company towards Hon’ble Prime Minister Shri Narendra Modi’s goal to produce 450 GW of renewable energy for India by 2030.”
The Reliance Industries chairman had earlier announced an investment of Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Gujarat’s Jamnagar. The complex will cover the entire spectrum of renewable energy with four gigafactories—an integrated solar photovoltaic module factory, an advanced energy storage battery factory, an electrolyser factory for the production of green hydrogen, and a fuel-cell factory.
“We will continue to invest, manufacture and collaborate with global players to achieve the highest reliability, efficiency and economy to deliver high quality, reliable power at affordable prices to our customers in markets in India and around the world,” he added. I am particularly happy about the opportunity to create millions of green jobs in a decentralized manner in rural and urban areas.”
This acquisition, Ambani said, “will enable India to become a world leader in the green energy transition to overcome the climate crisis.”
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Source : Bharat Times
