Reliance Industries big deal: bought a stake in this American company for $ 12 million
Reliance industries Latest News: Mukesh Ambani’s company Reliance Industries has completed a big deal in the new energy sector. Mukesh Ambani’s Reliance Industries Limited Reliance New Energy Limited (RNEL), has invested in Caelux Corporation based in California, USA. Reliance is investing $12 million for a 20% stake in Caelux, which is developing next-generation solar technology. This investment will strengthen the company in ‘Advanced Solar Cell Technology.
Reliance’s investment will help both the company Caelux and Reliance Energy gain a foothold. Both companies have signed a strategic partnership agreement for this. Actually, Caelux is known for solar technology. The company manufactures high-efficiency solar modules that can produce 20% more energy. The cost of its solar project is also low, which can generate electricity for 25 years.
Reliance is setting up a world-class, integrated photovoltaic Giga factory in Jamnagar, Gujarat. With this deal, Reliance will be able to take advantage of Caelux products and manufacture ‘more powerful’ and lower-cost solar modules.
Scott Grebeel, the CEO, of Caelux Corporation, is very pleased to join Reliance Industries as a leading investor and said, “We will make crystalline solar modules more efficient and cost-effective. We support Reliance’s global expansion plans and its product roadmap.
Reliance had informed about investing Rs 75,000 crore in the new energy sector in its AGM last month. In the annual meeting, Mukesh Ambani said that the company is committed to investing Rs 75,000 crore in the Jamnagar-based new energy manufacturing ecosystem, and is striving for it. Reliance Energy aims to achieve 20 GW of solar power generation capacity by 2025. Reliance Industries has been continuously increasing its solar energy and Mukesh Ambani has given the responsibility to his younger son Anant Ambani.
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