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

NEW DELHI (Reuters) -India’s Reliance Industries Ltd on Sunday announced acquisition of REC Solar Holdings for an enterprise value of $771 million from China National Bluestar (Group) Co Ltd as it seeks to become net carbon zero by 2035. The purchase of the Norwegian solar panel maker by the conglomerate’s 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. Reliance, owned by Asia’s richest man, Mukesh Ambani, plans to build solar capacity of at least 100 gigawatts (GW) by 2030, accounting for over a fifth of India’s target of installing 450 GW by the end of this decade.

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