In an effort to promote renewable energy, a Reliance company will purchase 20% of Caelux.

Reliance Industries Ltd will purchase a 20% stake in solar technology provider Caelux Corp . The Indian oil-to-chemicals company will produce more efficient and lower cost solar modules .

Reliance Industries Ltd, an Indian oil-to-chemicals company, has announced that it will purchase a 20% stake in solar technology provider Caelux Corp for $12 million to produce more efficient and lower cost solar modules.Caelux, headquartered in Pasadena, California, is involved in research and development of perovskite-based solar technology that can produce 20% more energy over a 25-year life of a solar project for a lower installed cost, Reliance said in an exchange filing on Friday.The stake purchase is part of a concentrated push by billionaire Mukesh Ambani-led conglomerates into the renewable energy sector, with the intention of producing 100 GW of solar energy by 2030.Reliance revealed earlier this month that it will buy a 79.4% stake in SenseHawk, a California-based solar energy system vendor, for $32 million.