On Tuesday Business Today reported about the possibilities of Reliance Industries closely looking to acquire Europe’s Largest Solar Panel Manufacturer REC Group which is currently owned by ChemChina (China National Chemical Corp).

This comes after the recent major steps taken by RIL on the green energy push. To compete with Adani & Tata like giant players, RNSEL (Reliance New Solar Energy) will need to have advancements in technology to outstand the competition.

REC has an annual volume of 1.5 GW. It has made over 40 million solar panels, with the generation of 11 GW of power for customers. IKEA, Audi, Tiger Beer are some of its customers. With manufacturing in Scandinavia and Singapore, it is one of the largest vendors globally. The company started off in India a little over a decade ago as a supplier to power utilities such as  Greenko and scaled projects for the Department of Atomic Energy and Eenadu Group.

AS per the PV magazine report, both sides have denied reacting upon the development of this dealing.

Earlier: Reliance Industries Looks To Buy Solar Module Maker REC

Source: PV magazine Economic Times