Reliance Eyes Norwegian Solar Module Maker

Reliance Industries is reportedly in talks to acquire Norwegian solar module maker REC Group for over $1 billion. The company is owned by China National Chemical Corp, and is Europe’s biggest producer of solar voltaic panels with an installed capacity of 10 GW. Reports said Reliance is talking to global banks to raise $500 million to part finance the deal. The rest of the money will be funded via equity.