Mukesh Ambani, the most important shareholder of Reliance Industries
Picture: Reliance Industries
From pv journal India
RIL has introduced that its REC Photo voltaic Holdings AS unit has accomplished the sale of its kerf-based polysilicon manufacturing division, REC Photo voltaic Norwa,y to Elkem ASA, an Oslo-listed, silicon-based materials provider.
The announcement follows RIL’s disclosure in January in regards to the signing of a share buy settlement between REC Photo voltaic Holdings and Elkem ASA. Underneath the phrases of the deal, REC Photo voltaic Holdings agreed to promote its 100% fairness stake in REC Photo voltaic Norway AS (REC Norway) for an combination money consideration of $22 million.
Notably, REC Norway closed its polysilicon manufacturing operations in Kristiansand and Porsgrunn, Norway, in November 2023.
“We now have reached the purpose the place it’s sadly not attainable to make the manufacturing of high-purity silicon in Norway viable,” REC CEO Jan Enno Bicker mentioned at the moment.
RIL will retain the know-how and mental property rights of kerf-based polysilicon following the completion of the REC Photo voltaic Norway sale. REC Photo voltaic Holdings AS and its subsidiaries stay RIL’s subsidiaries.
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