Asia's Richest Man Enhances Green Energy Press With Two More Offers

• Reliance Industries Ltd. will certainly purchase a German manufacturer of photovoltaic or pv solar wafers and also authorized a manage a Danish firm to produce hydrogen electrolyzers in India, as Mukesh Ambani's oil-to retail empire pivots to environment-friendly energy.

Reliance New Energy Solar Ltd. consented to spend NexWafe GmbH for 25 million euros ($28.8 million), the Indian group told the exchanges late Tuesday. It will likewise license Stiesdal A/S's innovation for the hydrolyzers, it said in a different declaration.

The news become part of a string of deals Asia's richest man has announced in current days as he promises to invest $10 billion in alternative energy over 3 years, putting him squarely in competitors with Gautam Adani's Adani Group, which is planning to pour $20 billion over 10 years into renewable energy. 2 days earlier, Ambani's conglomerate said it purchased photovoltaic panel maker REC Solar Holdings AS from China National Bluestar Group Co. and signed a deal to acquire 40% of Sterling & Wilson Solar Ltd

The NexWafe purchase is recommended to be completed by end-October. Reliance will likewise utilize NexWafe modern technology to build large-scale wafer factories in India.