ChemChina unit sells Europe’s top solar-panel maker to billionaire Mukesh Ambani’s Reliance Industries for US$771 million
- The acquisition will give Reliance a ready global platform and an opportunity to grow in key green energy markets worldwide
- Reliance will also support REC’s expansion plans in the US, France and Singapore

The purchase will give Reliance a ready global platform and an opportunity to grow in key green energy markets including in the US, Europe and the Asia-Pacific region, the company said in a statement on Sunday.
Reliance, the flagship company of founder and chairman Ambani, has almost US$74 billion in annual sales. Ambani, 64, is ranked by Forbes as the richest person in Asia, with a net worth of US$101.5 billion.

The REC acquisition “is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s goal of enabling 100 gigawatt clean and green energy before the end of this decade”, Ambani said in the statement.
Reliance plans to use REC’s industry leading technology in the Indian firm’s fully integrated, metallic-silicon-to-photovoltaic-panel manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex, located in the city of Jamnagar on the western coast of India in the state of Gujarat. This facility’s capacity will start at 4GW, before ramping it up to 10GW per annum, according to Reliance.
