Reliance Industries nears closing of REC Group acquisition from ChemChina
Date
September 21, 2021
Type
M&A Transactions
Subtype
Transaction launched
Countries
Norway
Subsectors
Photovoltaic
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Indian multinational conglomerate company Reliance Industries (RIL) is nearing closing the deal with China National Chemical Corporation (ChemChina) to acquire the Norwegian solar module manufacturer REC Group.
The deal is expected to value between US$1- US$1.2 billion with about US$600 million of payment sourced from debt financing.
REC Group has operational headquarters in Singapore and has produced over 40 million solar panels since it started its operation in 1996.
