Business Update15 Jan 2024, 02:12 pm
Reliance Industries Limited to Sell REC Solar Norway AS for USD 22 Million
AI Summary
Reliance Industries Limited has entered into a Share Purchase Agreement with Elkem ASA to sell its 100% equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million. The transaction is subject to regulatory and other customary closing conditions and is expected to complete by April 2024.,
Key Highlights
- Sale of REC Solar Norway AS for USD 22 million
- Elkem ASA is a silicon-based material provider
- REC Norway had a turnover of ~NOK 1.1bn in CY 2022 and net worth of ~NOK 0.3bn as on December 31, 2022