FINANCE

India’s Reliance buys REC Solar for $ 771 million – Reuters statement


© Reuters File Photo: March 2, 2016, Workers rest in front of an advertisement for Reliance Industries Ltd. at a construction site in Mumbai, India.

NEW DELHI (Reuters) – A unit of Indian company Reliance Industries Ltd said on Sunday it had bought REC Solar Holdings from China National Bluestar (Group) Co Ltd for an enterprise value of 77 771 million.

The acquisition of Reliance New Energy Solar Limited (RNESL) follows the June announcement by the operator of the world’s largest refining complex that it will invest 10. 10.1 billion in clean energy over three years to eliminate net carbon by 2035.

RNESL said in August that it would invest 50 50 million in US energy giant Embry Inc. as part of Reliance Industries’ 4 144 million investment with billionaire Bill Gates, investment management firm Paulson & Co and others.

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