Form of words:
Mumbai: Reliance Industries Ltd. will buy a German maker of photovoltaic solar wafers and sign a deal with a Danish company to manufacture hydrogen electrolysers in India, as Mukesh Ambani’s oil-to-retail conglomerate pivots to green energy.
Reliance New Energy Solar Ltd has agreed to acquire NexWafe GmbH for 25 million euros ($28.8 million), the Indian conglomerate told exchanges late Tuesday. It will also license Steesdal A/S’s technology for hydrolysers, a separate statement said.
The announcements are part of a string of deals that Asia’s richest man has announced in recent days as he pledged to invest $10 billion into alternative energy in three years, putting them in competition with Gautam Adani’s Adani Group, which plans to pour $20 billion over 10 years into renewable energy. Two days ago, Ambani’s group said it bought solar panel maker REC Solar Holdings AS from China National Bluestar Group Co and signed an agreement to acquire 40% of Sterling & Wilson Solar Ltd.
The NexWafe transaction is proposed to be completed by the end of October. Reliance will also use NexWafe technology to build a large scale wafer factory in India. bloomberg
Read also: Reliance accelerates green energy with solar deals
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