| REC Solar Holdings AS, a step down wholly owned subsidiary of
Reliance Industries (RIL), has informed that it has, on 14 January
2024, 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 USD 22 Million.
Elkem ASA is a silicon-based material provider with approx. NOK 45.9bn 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. RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based Polysilicon. REC Norway had a turnover of ~NOK 1.1bn in CY2022 and net worth of ~NOK 0.3bn as on 31 December 2022 contributing ~0.08% and ~0.03%, respectively of annual consolidated turnover and net worth of the Company for the financial year 2022-23.
The above transaction is subject to certain regulatory and other customary closing conditions and is expected to complete by April 2024. Upon completion of the sale, REC Norway will cease to be a subsidiary of the Company. REC Solar Holdings AS and its subsidiaries, engaged in the business of manufacturing and sale of Solar PV HJT cells and modules, will continue to be RIL's subsidiaries.
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