Reliance Industries has moved forward on its plan to expand into the solar energy sector. The company on Tuesday informed stock exchanges that it has invested Rs 1 lakh in cash in 10,000 equity shares of Rs 10 each of a newly corporated and wholly-owned subsidiary —  Reliance New Solar Energy (RNSEL).

The subsidiary, incorporated to undertake activities relating to solar energy, is yet to start its operations.

“The investment in  RNSEL does not fall within related party transaction and the promoter/promoter group/ group companies do not have any interest in  RNSEL. No governmental or regulatory approvals were required for the said investment,” the company said.

Reliance Industries chairman Mukesh Ambani had laid a roadmap of the plans for the new energy sector at the company’s annual general meeting in June. This includes setting up an integrated solar photovoltaic factory.

“We will start with raw silica and convert this to polysilicon which we will then convert to ingot and wafers. These wafers would be used to make high-efficiency solar cells and finally assembled into solar modules of highest quality and durability,” Ambani had said. The plan is to enable at least 100 GW of solar energy by 2030.

Source: Telegraph India