Reliance Industries shines as its arm acquires 100% stake in REC Solar Holdings
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Reliance Industries is currently trading at Rs. 2715.75, up by 44.90 points or 1.68% from its previous closing of Rs. 2670.85 on the BSE.
The scrip opened at Rs. 2724.70 and has touched a high and low of Rs. 2724.70 and Rs. 2698.75 respectively. So far 2650158 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,724.70 on 11-Oct-2021 and a 52 week low of Rs. 1830.00 on 29-Jan-2021.
Last one week high and low of the scrip stood at Rs. 2724.70 and Rs. 2537.55 respectively. The current market cap of the company is Rs. 1806047.47 crore.
The promoters holding in the company stood at 50.59%, while Institutions and Non-Institutions held 38.38% and 11.03% respectively.
Reliance Industries’ wholly owned subsidiary -- Reliance New Energy Solar (RNESL) has acquired 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co, for an Enterprise Value of $771 million. The company will strongly support for REC's planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France and another 1 GW Modules plant in the US.
Reliance's deep expertise of scale, project execution and operational excellence coupled with REC's technology will facilitate the establishment of state-of-the-art next-generation fully integrated PV manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex and subsequently replicate such complexes around the world. The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the US, Europe, Australia and elsewhere in Asia.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
