Finance

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

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Labourers relaxation in entrance of an commercial of Reliance Industries Restricted at a building web site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Picture

NEW DELHI, Oct 10 (Reuters) – A unit of Indian conglomerate Reliance Industries Ltd stated on Sunday it has purchased REC Photo voltaic Holdings for an enterprise worth of $771 million from China Nationwide Bluestar (Group) Co Ltd.

The acquisition by Reliance New Power Photo voltaic Ltd (RNESL) follows the June announcement by the mother or father – operator of the world’s greatest refining complicated – that it could make investments $10.1 billion in clear vitality over three years in a drive to turn out to be internet carbon zero by 2035.

RNESL stated in August it could make investments $50 million in U.S. vitality storage firm Ambri Inc as a part of a $144 million funding by Reliance Industries, together with billionaire Invoice Gates, funding administration agency Paulson & Co and others.

Reporting by Nidhi Verma; Modifying by William Mallard

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