Reliance Industries Ltd.

Reliance Industries’ wholly owned subsidiary -- Reliance New Energy has inked signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV for a total transaction value of $61 million including funding for future growth. The assets include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.

This is the second acquisition by the oil-to-retail conglomerate in the battery business. Last September, the firm had announced it will invest in sustainable technologies including batteries, electrolyzers for hydrogen production, and fuel cells to create a multi-billion-dollar clean energy portfolio.

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.