Mukesh Ambani’s Reliance Industries Ltd. acquired a Norwegian solar panel maker and an Indian builder of renewable projects to extend its dominance into alternative energy.
The two acquisitions — REC Solar was purchased from China National Bluestar Group Co. — will help Reliance New Energy Solar expand in green energy markets globally, including the U.S., Europe, Australia and elsewhere in Asia.
Ambani pledged in June to spend $10 billion on alternative energy over three years. The new investments are meant to pivot the conglomerate to cleaner fuels.
REC makes solar grade polysilicon and solar panels and modules at facilities in Norway and Singapore, and has more than 1,300 employees globally, according to the statement. Reliance will use REC’s technology to manufacture metallic silicon and solar panels at its giga factory at Jamnagar in Gujarat.
The factory’s annual capacity will expand to 10 gigawatts from 4 gigawatts. Sterling & Wilson has presence in 24 countries and has installed 11 gigawatt of solar power projects, Reliance said in a statement.