India's Reliance Industries scales record high on solar deals

Sterling and Wilson Renewable Energy

11/10/2021 07:07

BENGALURU, Oct 11 (Reuters) - Shares of Reliance Industries
 RELI.NS  rose 1.8% to a record high on Monday after the Indian
oil-to-telecom conglomerate announced two deals over the weekend
to buy solar capacity in its latest push towards becoming net
carbon zero by 2035.
    The deals came as the owner of the world's biggest refining
complex aims to make India a hub for low-cost solar manufacture.
In June, it committed to invest $10.1 billion in clean energy
over three years.
    Through its unit Reliance New Energy Solar Ltd, Reliance
Industries is buying Norwegian-headquartered solar panel maker
REC Solar Holdings for $771 million from China National Bluestar
and an up to 40% stake in India's Sterling and Wilson Solar
 STEN.NS .  urn:newsml:reuters.com:*:nL1N2R6045 urn:newsml:reuters.com:*:nL1N2R60B3
    REC has patented technology and opens up the export market
for Reliance's solar business, analysts at Jefferies said in a
note on Sunday. 
    "REC's long operating history in Europe and the U.S. opens
up the possibility of RIL exporting to these geographies,"
Jefferies said.    
    Shares of Sterling and Wilson Solar jumped 17% to their
highest in nearly two years in heavy-volume trade, as the
Reliance deal adds to its growing portfolio of projects
globally. 
    About 11.9 million Sterling and Wilson shares had changed
hands by 0508 GMT, 3.4 times their 30-day average. 
    Sterling and Wilson Solar has about 11.4 GWp of solar power
projects across the world, and provides operations and
maintenance services, according to a statement.
    Reliance shares have risen about 35% this year, as of last
close, while Sterling and Wilson stocks have gained 67.4%.

 (Reporting by Vishwadha Chander in Bengaluru; Editing by
Subhranshu Sahu)
 ((Vishwadha.Chander@thomsonreuters.com; Mobile: +91 7506036802;
Twitter: https://twitter.com/vishwadha;))