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Saudi Aramco wants to invest in Reliance Industries Ltd. New Energy Solar Ltd. is the clean energy unit where Saudi Aramco and other investors want to invest.
“Reliance plans to get investors in its renewable energy business. While many investors are excited about this opportunity, Aramco is also said to be evaluating the same,” a statement said.
Saudi Aramco is one of the world’s biggest oil companies based out of Saudi Arabia. Earlier, Both the companies scrapped a $15 billion deal in India’s Reliance oil-to-chemicals (O2C).
Aramco said, “Reliance and Aramco have a longstanding relationship and will continue to look for investment opportunities in India. India offers tremendous growth opportunities over the long term and Aramco continues to evaluate new and existing business opportunities with our potential partners. Updates on any business milestones will be made as and when appropriate.”
In June, Reliance planned to invest $10 billion in 3 years in clean energy projects. This will include 4 Giga factories that will. generate integrated solar PV modules, fuel cells, batteries, and electrolyzers for storing energy generated from the grid.
Recently, Reliance’s subsidiary Reliance New Energy Solar Limited has received approval from the Competition Commission of India (CCI) to acquire Sterling & Wilson Renewable Energy Limited. According to the combination notice filed with the regulator, Reliance New Energy plans to acquire 40 percent of the voting equity share capital in the solar arm of Sterling & Wilson.