Asian Tech Press (OCT 11) -- India's richest man, Mukesh Ambani's Reliance Industries, has announced two acquisitions, the latest in the oil and retail giant's accelerated foray into renewable energy.

Reliance Industries announced it was acquiring Norwegian solar panel maker REC Solar Holdings from China National Bluestar Group for $771 million. The company also announced that it would acquire a 40 percent stake in Indian billionaire Pallonji Mistry's solar company Sterling & Wilson Solar Ltd, worth $372 million.

The two acquisitions will help Reliance's renewable energy unit, Reliance New Energy Solar, expand in the global green energy market, including the United States, Europe, Australia, and other parts of Asia.

Speaking at Reliance's annual general meeting in June this year, Ambani said the company plans to invest more than $10 billion over three years in the new business unit, which will build plants for solar modules, battery storage, electrolytic cells and fuel cells, and others.