Reliance Industries’ wholly-owned subsidiary -- Reliance New Energy (RNEL) has acquired the balance 12.7% of ordinary shares from the existing shareholders of Reliance Lithium Werks B.V. (Reliance Lithium), for an aggregate consideration of EURO 3.7 million. This acquisition is for consolidation of business operations. With this acquisition, Reliance Lithium has now become a wholly-owned subsidiary of RNEL.
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.
