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

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(C) Reuters. FILE PHOTO: Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Photo

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

The purchase by Reliance New Energy Solar Ltd (RNESL) follows the June announcement by the parent – operator of the world’s biggest refining complex – that it would invest $10.1 billion in clean energy over three years in a drive to become net carbon zero by 2035.

RNESL said in August it would invest $50 million in U.S. energy storage company Ambri Inc as part of a $144 million investment by Reliance Industries, along with billionaire Bill Gates, investment management firm Paulson & Co and others.

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

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