RIL boosts solar business with Rs 9k crore deals

NEW DELHI: Mukesh Ambani’s $10-billion renewables dream will take wings with acquisition of Norway-based solar panel manufacturer REC Solar Holdings and a 40% stake in Sterling & Wilson Solar, a Shapoorji-Pallonji group company, with a combined deal value of more than Rs 9,300 crore.
Reliance New Energy Solar (RNESL), a wholly owned subsidiary of Reliance Industries (RIL), on Sunday acquired 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co, for an Enterprise Value of $771 million (Rs 5,800 crore).
Simultaneously, RNESL also executed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar (SWSL) to acquire 40% stake post-money in SWSL through a series of transactions.
These transactions include a 15.9% preferential allotment, purchase of 9.7% stake from the promoters and an open…

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