Reliance Industries Ltd (RIL) said on Friday it has completed the sale of REC Solar Norway AS to Oslo-listed Elkem ASA for around $22 million.
“REC Solar Holdings AS, a step down wholly owned subsidiary of the company, has informed the company that it has on May 14, 2024, completed sale of its 100 per cent equity stake in REC Solar Norway AS (REC Norway) to Elkem ASA. Consequently, REC Norway has ceased to be a subsidiary of the company,’’ RIL said in a regulatory filing.
RIL had announced in January it will sell REC Solar Norway AS to Elkem ASA. REC Norway is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country.
In October 2021, a Reliance arm had acquired the Norwegian solar panel manufacturer as part of the conglomerate’s focus into alternative energy.
Founded in 1904, Elkem ASA is a silicon-based material provider and listed on the Oslo Stock Exchange.
RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based polysilicon, the company had said in January.
REC Norway had a turnover of Norwegian krone (NOK) 1.1 billion in the calendar year 2022 and a net worth of NOK 0.3 billion as of December 31, 2022, contributing about 0.08 per cent and 0.03 per cent, respectively, to RIL’s annual consolidated turnover and net worth for the financial year 2022-23.
ASOS pact
Reliance Retail said it has entered into a partnership to sell British online retailer ASOS’s products in India.
“Under a long-term licensing agreement, Reliance Retail will be the exclusive retail partner for ASOS across all online and offline channels in India,” a statement from the company said. ASOS cater to young adults.
“Reliance Retail will introduce ASOS’s curated portfolio of fashion-led own brand labels to the Indian market through a multi-channel presence for ASOS and a diverse array of retail formats, including exclusive brand stores, multi-brand store expressions, and digital commerce platforms,” it added.
Some of the other international brands with whom Reliance Retail has a tie-up include Amercian jewellery seller Tiffany & Co and French luxury brand Balenciaga.
