Reliance Industries has acquired solar module manufacturer REC Group from China National Bluestar for US$771 million. The deal will support the Norway-headquartered company grow its solar manufacturing capacity to more than 5GW within the next two to three years.
REC is expected to increase its output by 2-3GW. Reliance will also support the company in setting up a new 2GW cell and module facility in France and a 1GW module plant in the US.
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