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Fangda Partners represented Bluestar in the sale of REC Solar business
Fangda Partners represented China National Bluestar (Group) Co., Ltd. (“Bluestar”) in its sale of REC solar business to Reliance New Energy Solar Ltd, a wholly-owned subsidiary of Reliance Industries Limited (“Reliance”), India’s biggest industrial group. The target of this transaction is the 100% shares held by Bluestar through its oversea subsidiary in REC Solar Holding AS (“REC Solar”). The base purchase price is US$771 million. The transaction was signed on October 7, 2021 and closed on December 1, 2021. The Fangda team on this deal is led by partner Xiao Jiang and includes counsel Jiali Huang, Yan Liu and associates Meng Yi, Ingrid Lai and Lizzy Li. Fangda participated in the whole transaction process, including analysis of transaction structure, reviewing, drafting and negotiation of transaction documents, signing and closing. The transaction involves multi-jurisdictions including China, Singapore, Norway, India, the United State and Luxemburg. Fangda worked with counsel of different jurisdictions and helped Bluestar navigate through various and complex legal issues. Fangda also coordinated with all stakeholders and facilitated the successful signing and closing of this transaction.
Reliance is the largest private company in India and one of the few global enterprises in India. REC Solar, headquartered in Norway, is an international pioneering solar energy company. Bluestar acquired REC solar business in 2015.
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