The multinational business that Mukesh Ambani’s Rs 1842000 crore corporation sold for only Rs 182 crore is planning to

The wealthiest person in Asia and India is Mukesh Ambani. With a market valuation of Rs 1842000 crore, Reliance Industries is the most valuable business in India, and he serves as its chairwoman. Although Mukesh Ambani is active in a variety of businesses, he has made substantial contributions to the new energy sector in recent years. Mukesh Ambani purchased REC Solar Holdings from China National Bluestar Group Co in 2021 with the intention of growing into international green energy markets. REC Solar Norway AS is now being sold by Reliance Industries to Elkem ASA, a 120-year-old Norwegian company, for Rs 182 crore ($22 million).

“REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million,” according to a filing with the stock exchange.

“RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based polysilicon.” it said.

For those who don’t know, Reliance Industries, owned by Mukesh Ambani, announced a Rs 75,000 crore investment in 2021 to establish a new energy sector, which included the purchase of REC Solar Holdings. The firm has reaffirmed its pledge to increase green energy spending to Rs 1.5 trillion in order to support the audacious goal of reaching net-zero carbon emissions by 2035. Utilizing hydrogen, wind, solar, fuel cells, batteries, and other clean, economical energy sources, Reliance Industries’ New Energy business offers the best combination of energy solutions.

With the development of the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Reliance is making great strides. This development is in line with the company’s plan to build Giga plants in order to fulfill its goals for the New Energy industry. Reliance is on course to establish safe and independent supply chains as part of a fully integrated industrial environment.