Reliance Industries sells REC Solar Norway to Elkem ASA for $22 million
Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million.
REC Norway is a wholly-owned unit of REC Solar Holdings and is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country.
In October 2021, a unit of Reliance acquired Norway’s solar panel manufacturer at an enterprise value of USD 771 million as the Indian oil-to-retail conglomerate sought to extend its dominance into alternative energy.
“REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024,
