Ambani Accelerates Push Into Green Energy With Solar Deals
- China National Bluestar sells panel maker to Reliance unit
- Ambani to buy 40% of billionaire Mistry’s Sterling & Wilson
This article is for subscribers only.
Mukesh Ambani’s Reliance Industries Ltd. acquired a Norwegian solar panel maker and an Indian builder of renewable projects in a bid by the oil-to-retail conglomerate to extend its dominance into alternative energy.
Reliance, the company controlled by Asia’s richest person, acquired solar panel manufacturer REC Solar Holdings AS in a deal giving the company an enterprise value of $771 million, it said in a filing on Sunday. Hours later Reliance said it had agreed to acquire 40% of billionaire Pallonji Mistry’s Sterling & Wilson Solar Ltd., valued at $372 million as of Friday’s close in Mumbai.