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The pieces to develop end-to-end solar panel manufacturing capabilities are all coming together in the Reliance Industries announcement to acquire a stake in solar glass coatings provider, Caelux.

RIL announced to acquire a 20 stake in US-based solar-tech firm, Caelux, for US$12mn as it expands its value chain to improve capabilities in solar panel manufacturing and related materials. Caelux is testing its coating solutions for solar glass with nano materials - Perovskites (Calcium Titanium oxide - a combination of metals and non-metals) which when arranged in a certain way under the right conditions, produce materials that can help improve efficiency of the panels by up to 20 per cent over the 25 year life of the solar panel, Morgan Stanley said in a report.

RIL had announced that it would be manufacturing its own glass panels and we believe Caelux technology helps RILin improving the panel efficiency towards the targeted 28 per cent. A few parts of RIL's plans on solar are now getting more clear - it's already ordered equipment for manufacturing panels from Maxwell, China, and is leveraging REC (using HJT technology unlike peers) to expand its production capabilities and now garnering capabilities on solar glass panels, the report said.

Also it has ownership in Sterling & Wilson from an EPC capability standpoint and the 20GW of internal requirements of electricity can provide base demand for its new energy business.