Brokerages retained their rankings and goal value on Reliance Industries Ltd. after the oil-to-retail conglomerate acquired a Norwegian photo voltaic panel maker and an Indian builder of renewable vitality initiatives.
Mukesh Ambani-controlled Reliance New Vitality Photo voltaic Ltd. purchased REC Photo voltaic Holdings AS at an enterprise worth of $771 million (about Rs 5,800 crore). The corporate additionally agreed to purchase 40% in Shapoorji Pallonji Group’s Sterling & Wilson Photo voltaic Ltd., an EPC contractor.
Brokerages mentioned the 2 new acquisitions mark the conglomerate’s entry into the photo voltaic worth chain. Whereas they see little affect on valuations as of now, they mentioned the offers might open up extra monetisation alternatives.
Here is what brokerages needed to say concerning the acquisitions: