Reliance Industries is close to acquiring Europe’s largest solar panel manufacturer, REC Group. The Mukesh Ambani-helmed company is likely to acquire the company for $1-1.2 billion from China National Chemical Corp (ChemChina). RIL that has big plans for green energy will be able to access top-notch technology and global manufacturing capabilities through the deal.RIL is also in talks with global lenders to raise $500-600 million in acquisition financing for the transaction, stated a report in The Economic Times. The rest will be funded through equity.REC produces silicon material for photovoltaic (PV) applications and multi-crystalline wafers. It also makes solar cells and modules. Due diligence for the deal is almost complete and talks are on to close the transaction. The report stated that a formal announcement is likely in the next few weeks.
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