Reliance New Energy Solar Ltd agreed to acquire NexWafe GmbH for €25 million, the Indian group told the exchanges late yesterday.

It will also license Stiesdal A/S’ technology for the hydrolysers, it said in a separate statement.

The announcements are part of a string of deals Asia’s richest man has announced in recent days as he pledges to invest US$10 billion in alternative energy over three years, putting him squarely in competition with Gautam Adani’s Adani Group, which is planning to pour US$20 billion over 10 years into renewable energy.

Two days ago, Ambani’s conglomerate said it bought solar panel maker REC Solar Holdings AS from China National Bluestar Group Co and signed a pact to acquire 40% of Sterling & Wilson Solar Ltd.

The NexWafe transaction is proposed to be completed by end-October.

Reliance will also use NexWafe technology to build large-scale wafer factories in India.