Reliance Diligence (RIL) share price rose in the early trade on October 13 after the company blazoned an investment in the Germany- grounded company in its clean energy drive.
“Reliance New Energy Solar (RNESL), the wholly- possessed attachment of Reliance Diligence (RIL), will invest 25 million euros (USD29 million) in Germany’s NexWafe GmbH, the company said in a release.
RNESL has entered into an agreement with NexWafe GmbH, which produces high- effectiveness monocrystalline silicon wafers, for acquiring series C favored shares of a face value of EUR 1 each at a price of EUR287.73 per share aggregating EUR 25 million.
NexWafe has a personal technology that can drastically reduce the cost of producing photovoltaic (PV) cells. The technology can make “ solar photovoltaics the lowest- cost form of renewable energy available”.
RNESL will also be issued clearances which are exercisable for a sum of 1 euro each subject to achievement of agreed mileposts, the company said in an exchange form.
The sale is proposed to be completed by end of October 2021.
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RIL also blazoned that RNSEL had partnered with Stiesdal A/ S to develop and manufacture hydrogen electrolysers. RNESL has been given the licence for this, it said in an exchange form.
Stiesdal is a Danish company that develops and commercialises technologies on climate- change mitigation.
On October 10, Reliance New Energy Solar Ltd (RNESL) blazoned its accession of Norway-headquartered REC Solar Effects AS (REC Group) and also said it’ll acquire 40 percent of Sterling and Wilson Solar Ltd (SWSL).
At 0921 hours, Reliance Diligence was quoting at Rs, up Rs12.30, or0.46 percent on the BSE.
The share touched a 52-week high of Rs on October 11, 2021 and a 52-week low of Rs on January 29, 2021. It’s trading1.61 percent below its 52-week high and46.49 percent above its 52-week low
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