RIL Raises $736 million To Buy Out REC Solar: Report

- Advertisement -

As per a report by the Economic Times, if the deal comes through, it could be the first such M&A financing from an Indian firm

Mukesh Ambani-led Reliance Industries has reportedly raised $736 million through a green loan facility to finance its acquisition of Norwegian solar panel manufacturer REC Solar Holdings.

As per a report by the Economic Times, if the deal comes through, it could be the first such M&A financing from an Indian firm.

- Advertisement -

The debt facility will have an interest margin of around 120bps–125bps over Libor. The debt facility was taken under Singapore-incorporated REC Solar, and is secured against guarantees from Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries.

The loan facility consists of a $250 million six year term loan and a $150 million working capital facility, while another $460 million five year bank guarantee facility.

On October 10, Reliance signed a definitive agreement to buy Norwegian solar manufacturing company REC Solar for an enterprise value of $771 million from its owners China National Bluestar (Group) Co Ltd. The same day, Reliance also announced acquisition of 40 percent stake in SP Group company,
Sterling and Wilson Solar

Mukesh Ambani has revealed earlier this year during the company’s AGM the inception of tis new clean energy division, announcing huge investment plans in the alternate energy sector.

Mergers and acquisitions involving Indian companies hit a three-year high during the first nine months of 2021, according to data compiled by Refinitiv.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Breathing Through “First-Time Silicon Success”

0
No one is born a leader, but the choices we make in life propel us to become a leader. For Chitra Hariharan, an innocent...

Buzz

Epsilon Collaborates With Motovolt For Sustainable Employee Mobility

0
The employees and their families of Epsilon residing in Vijayanagar, Karnataka, will get subsidised e-mobility options from Motovolt.  Epsilon Group, a manufacturer specialising in carbon-based...

Vitesco Debuts Single-Module Rotor Lock Actuator For EVs

0
Integration of park lock, rotor position sensing, and brush system into a single module for electric axles simplifies design, reduces space requirements, and lowers...

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Important Sectors

Epsilon Collaborates With Motovolt For Sustainable Employee Mobility

0
The employees and their families of Epsilon residing in Vijayanagar, Karnataka, will get subsidised e-mobility options from Motovolt.  Epsilon Group, a manufacturer specialising in carbon-based...

Vitesco Debuts Single-Module Rotor Lock Actuator For EVs

0
Integration of park lock, rotor position sensing, and brush system into a single module for electric axles simplifies design, reduces space requirements, and lowers...

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

MAHLE Launches X30 Drive System For Electric Bikes

0
The system maintains compatibility with all components, accessories, and the digital ecosystem of the existing X20 system. MAHLE SmartBike Systems has unveiled its X30 drive...

MeitY Plans Billion-Dollar Subsidy Scheme For Component Manufacturing

0
Reports indicate that the Government will offer subsidies for lands obtained to manufacture electronics components in categories where the investment-to-output ratio is not high. The...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...