Reliance Industries’ step down wholly owned subsidiary -- REC Solar Holdings AS has entered into Share Purchase Agreement (SPA) with Elkem ASA for sale of its 100% equity stake in REC Solar Norway AS (REC Norway) for an aggregate cash consideration of $22 million.
Elkem ASA is a silicon-based material provider with around Norwegian Krone 45.9 billion of sales in CY2022. It was founded in January 1904 and is listed on the Oslo Stock Exchange. Elkem ASA does not belong to the Promoter, Promoter Group and group companies of the Company.
REC Norway, a wholly owned subsidiary of REC Solar Holdings AS, is in the business of manufacturing kerf-based Polysilicon in Norway. Reliance Industries will continue to retain the technology and intellectual property rights pertaining to kerf-based Polysilicon. REC Norway had a turnover of around Norwegian Krone 1.1 billion in CY2022 and net worth of around Norwegian Krone 0.3 billion as on December 31, 2022 contributing around 0.08% and around 0.03%, respectively of annual consolidated turnover and net worth of the Company for the financial year 2022-23.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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