Reliance raises $736 mn in green loan to fund REC Solar acquisition
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Reliance Industries (RIL) on Monday has raised $736 million in green loan to fund the acquisition of solar panel maker, REC Solar Holdings. This will be first such financing for the Mukesh Ambani-owned company.
REC Solar is the borrower while Reliance New Energy Solar is the guarantor, as per local media reports.
The loan is a rare acquisition financing from RIL which opted for term loans instead of a short-term bridge facility, media reports said.
In October, Reliance announced its acquisition of 40 per cent stake in Sterling and Wilson Solar, a Shapoorji Pallonji group.
The acquisitions is part of RIL's goal to become a net carbon zero company by 2035 with an investment of $10 billion.
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The Supreme Court on Friday asked yoga guru Ramdev to implead the complainants, who have lodged cases against him over his alleged remarks against the use of allopathic medicines during the Covid pandemic, as party in his plea seeking stay of criminal proceedings.
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Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday.
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Israeli missiles targeted a site in Iran in response to a recent drone and missile attack launched by Iran, reportedly in retaliation against an alleged Israeli airstrike on Iranian embassy in Syria, according to a report in ABC News.
ABC News reported on the unfolding situation, amid fears that the clash between Israel and Iran might escalate into a wider regional conflict.
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