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India's Reliance Industries is close to acquiring Norway-headquartered REC Group, the largest solar panel manufacturer in Europe, for $1-1.2 billion from state-owned China National Chemical Corporation (ChemChina), Indian business newspaper The Economic Times reported.
The purchase will help RIL access the technology and global manufacturing capabilities for its recently announced march into green energy, the newspaper said.
In November 2014, international trade publication PV Magazine had reported that Bluestar Elkem, a division of ChemChina, made an offer to buy the Norwegian PV module manufacturer for $640 million
Founded in 1996, REC employs 2,000 people and has an annual solar panel capacity of 1.8 gigawatts, according to its website.
(Writing by SA Kader; Editing by Anoop Menon)
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