We are advising Reliance on the transaction

Davis Polk is advising Reliance New Energy Solar Ltd, a wholly owned subsidiary of Reliance Industries Limited, in connection with its acquisition of REC Solar Holdings AS from China National Bluestar (Group) Co. Ltd. for an enterprise value of $771 million.

Reliance Industries Limited is India’s largest private-sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

REC Group is an international pioneering solar energy company dedicated to empowering consumers with clean, affordable solar power through high-quality solar panels with a leading power density.

The Davis Polk corporate team includes partner Jeffrey R. O’Brien, associates Alexander W. Simmonds, Christopher Diel, Géraldine Fromage and Ivan Luetic. Partner Jonathan Cooklin and counsel Dominic Foulkes are providing tax advice. Partner Pritesh P. Shah and associate Jesse L. Hallock are providing intellectual property advice. Counsel Mary K. Marks is providing antitrust and competition advice. Members of the Davis Polk team are based in the London, New York and Paris offices.