Reliance Industries to acquire 100% stake in 2 solar SPVs of MSEB Solar Agro Power

Shares of Reliance Industries Ltd (RIL) announced the acquisition of 100% equity shares in MSKVY Nineteenth Solar SPV Limited and MSKVY Twenty-second Solar SPV Limited.

RIL will buy 100% stake in these two entities from MSEB Solar Agro Power, the company said in a filing to the stock exchanges.

The acquisition deal aligns with the terms of the tender awarded to the company for establishing an aggregate solar capacity of 128 MW across various sites in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

The RIL board, at its meeting held on March 22, approved that 100% equity shares of MSKVY Nineteenth Solar SPV Limited and MSKVY Twenty-second Solar SPV Limited be acquired from MSEB Solar Agro Power Limited in accordance with the terms of the tender awarded to the company for setting up of aggregate solar capacity of 128 MW across various sites in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

Over the last three years, billionaire Mukesh Ambani-led Reliance Industries Ltd has spent over $1.5 billion acquiring global technology innovation companies that will be strategic contributors to its new energy business, according to reports.

The company has also applied for and secured incentives worth approximately $750 million under the PLI scheme for all its new energy verticals.

The company is expected to inaugurate its New Energy Giga Complex in Jamnagar during the second half of 2024. Spanning 5,000 acres, the complex will feature five giga factories dedicated to photovoltaic cells, fuel cell systems, green hydrogen, energy storage, and power electronics, thus integrating the entire value chain.

It has already received approval for nearly 75,000 hectares in the Kutch region of Gujarat, where it is establishing a 50GW renewable energy and green hydrogen complex.

Shares of Reliance Industries Ltd were closed 0.8% lower at ₹2,886.85 apiece on the NSE.