Reliance Industries : New Energy Solar Ltd – Acquires Rec Solar Holdings; One of the

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October 10, 2021

BSE Limited

National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers,

Exchange Plaza, Plot No. C/1,

Dalal Street,

G Block, Bandra – Kurla Complex,

Mumbai 400 001

Bandra (East),

Mumbai 400 051

Scrip Code: 500325 / 890147

Trading Symbol: RELIANCE / RELIANCEP1

Dear Sirs,

Sub: Media Release

Please find attached a media release, titled “RELIANCE NEW ENERGY SOLAR LTD –

ACQUIRES REC SOLAR HOLDINGS; ONE OF THE WORLD’S LEADING SOLAR CELLS / PANELS AND POLYSILICON MANUFACTURING COMPANY”.

This is for your information and dissemination on your website.

Thanking you,

Yours faithfully,

For Reliance Industries Limited

Savithri Parekh

Joint Company Secretary & Compliance Officer

Copy to:

The Luxembourg Stock Exchange

Singapore Stock Exchange

35A boulevard Joseph II

2 Shenton Way,

L-1840 Luxembourg

#19- 00 SGX Centre 1,

Singapore 068804

Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India

Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail:investor.relations@ril.com, Website: www.ril.com

CIN- L17110MH1973PLC019786

RELIANCE NEW ENERGY SOLAR LTD – ACQUIRES REC SOLAR HOLDINGS;

ONE OF THE WORLD’S LEADING SOLAR CELLS / PANELS

AND POLYSILICON MANUFACTURING COMPANY

PROVIDES RELIANCE’S NEW ENERGY INITIATIVE, A GLOBAL AND SIGNIFICANT OPERATING AND TECHNOLOGY PLATFORM

REC SOLAR WILL BE KEY PART OF RELIANCE’S NEW ENERGY VISION

TO BECOME A GLOBAL SCALE PV MANUFACTURING PLAYER

WITH INDUSTRY LEADING ‘HJT’ CELL TECHNOLOGY

CHAIRMAN MUKESH AMBANI CALLS IT A TESTIMONY TO RELIANCE’S

COMMITMENT TO ‘CARE FOR THE PLANET’ AND ‘CARE FOR THE PEOPLE’

Mumbai, October 10, 2021: Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has announced acquisition of 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million.

REC is headquartered in Norway and has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific. REC Group is an international pioneering solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable solar power. The 25-year-old company has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules.

REC’s Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life. The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry.

REC has over 600 utility and design patents, of which 446 are granted and balance are under evaluation. It always had strong focus on research and development and now, coupled with Reliance’s world-class innovation, scale, and operational excellence, will further accelerate path breaking technological developments and introduction of new products.

REC is a trusted brand globally known for pioneering innovations. REC was the first to introduce half cut Passivated Emitter and Rear Cell (PERC) technology, which is adopted by all major manufacturers today, while REC has moved on to its, next generation HJT technology. REC’s Norway operation is distinguished by its low carbon footprint in the manufacture of polysilicon.

Registered Office:

Corporate Communications

Telephone

: (+91 22) 2278 5000

Maker Chambers IV

Maker Chambers IV

Telefax

:

(+91 22) 2278 5185

3rd Floor, 222, Nariman Point

9th Floor, Nariman Point

Internet

:

www.ril.com

Mumbai 400 021, India

Mumbai 400 021, India

CIN: L17110MH1973PLC019786

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REC has more than 1,300 employees globally. They will become proud members of the Reliance Family after the successful completion of the transaction and become an integral part of the team that is driving one of the world’s most ambitious mission to drive green energy transition.

Reliance will strongly support for REC’s planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France and another 1 GW Modules plant in the US.

In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum. Reliance’s deep expertise of scale, project…

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