Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries, has executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire a 40.0% stake post-money in SWSL through a series of transactions.
Reliance Industries Ltd (RIL), through its unit Reliance New Energy Solar Ltd (RNESL), is rapidly expanding its footprints through acquisitions and stake buys. Reliance New Energy bought REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an enterprise value of $771 million
RIL will also acquire 1.84 crore equity shares by RNESL from SPCPL (equivalent to 9.70 per cent post preferential share capital) at a price of Rs. 375.0 per share.
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.