Mukesh Ambani led Reliance Industries Limited (RIL) is said to be closing in on acquiring Europe's largest solar panel manufacturer, REC Group, for $1.2-1.5 billion from China National Chemical Corp (ChemChina), reports Economic Times.
RIL is said to be in talks with global banks to raise $500-600 million of acquisition financing for the transaction. It will be meeting the remaining fund requirement through equity.
Headquartered in Norway and registered in Singapore, REC Group is presently an international 'member' of ChemChina. It produces silicon material for photovoltaic (PV) applications and multi-crystalline wafers, as well as solar cells and modules for rooftop installations, industrial and solar parks.
The company has been present in India for a little over a decade. It had started out in India as a supplier to power utilities such as Greenko or scaled projects for the Department of Atomic Energy and Eenadu Group, among others.
Thereafter, it pivoted to the rooftop segment for industrial users such as Capgemini, Infosys, BMW and Wonder Cements, among others.