Billionaire Mukesh Ambani's Reliance Industries Ltd on Sunday announced two back-to-back acquisitions - a $ 771 million buyout of Norway-based solar panel manufacturer REC Solar Holdings and purchase of 40% stake in Shapoorji Pallonji Group's Sterling & Wilson Solar - as the oil-to-retail conglomerate moved to create a multi-billion-dollar clean energy portfolio.
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The acquisition announced on Sunday are part of the $2 billion India's richest man has earmarked for acquisitions to create clean energy capabilities.
"It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance's goal of enabling 100 GW clean and green energy before the end of this decade," Mukesh Ambani said in a statement
Having committed to net-zero carbon by 2035, India's largest company by market value plans to build solar photovoltaic panels, batteries, hydrogen fuel cells, and electrolysers over the next three years.
The plan comes as companies and investors globally switch to sustainable investments and seek suppliers with similar commitments to curb greenhouse emissions.
Reliance plans to install 100-GW solar capacity by 2030 to become one of the largest domestic players with more than 30 per cent market share.
It aims to build four 'giga factories' to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.