For the best experience, open
on your mobile browser.

India’s Richest Person – Mukesh Ambani Selling This Company, Deal Sealed For $22 million

In 2022, REC Norway reported a turnover of NOK 1.1 billion and total assets of NOK 0.3 billion as of December 31, 2022.
08:48 AM Jan 17, 2024 IST | Saurav Gupta
india’s richest person – mukesh ambani selling this company  deal sealed for  22 million
India’s Richest Person – Mukesh Ambani Selling This Company

Mukesh Ambani-led Reliance Industries Limited has disclosed the sale of its subsidiary, REC Solar Norway AS, to Alkem AS, listed on the Oslo Stock Exchange, for approximately $22 million. The announcement was made on Monday, indicating a strategic move by Reliance Industries to streamline its portfolio.

Reliance Industries had acquired REC Solar Holdings, the parent company of REC Solar Norway, in October 2021, enhancing its presence in the oil-to-retail sector. The subsidiary's purchase of REC Solar Norway was valued at $771 million.

Read More: 2023: Elon Musk’s Net Worth Surges 11 Times More Than That Of India’s Richest Billionaire

Mukesh Ambani - The Deal Details

As per the stock exchange filing, REC Solar Holdings AS, a wholly-owned subsidiary of Reliance Industries Ltd, issued shares at Rs 100 per share on January 14, 2024. The agreement for the sale of REC Solar Norway AS to Alkem ASA has been finalized, amounting to $22 million.

Read More: Pernod Ricard, Maker Of Chivas Regal, Absolut, Predicts India To Outpace US As Their Top Market

Financial Overview

In 2022, REC Norway reported a turnover of NOK 1.1 billion and total assets of NOK 0.3 billion as of December 31, 2022. For the financial year 2022-23, REC Norway's contribution to Reliance's consolidated business and net worth stood at 0.08 percent and 0.03 percent, respectively. Reliance Industries had initially acquired REC Solar Holdings to bolster its global presence in green energy markets, spanning the US, Europe, Australia, and other parts of Asia.

Read More: Big News! Gold Prices Likely To Drop Ahead Of Modi Govt’s This Big Decision

Mukesh Ambani -About REC Norway

Established in 1904, REC Solar Norway specializes in the manufacturing of Kerf-based polysilicon. Following the acquisition, Alkem ASA plans to continue the polysilicon business, maintaining REC Norway's operations in the Scandinavian region. This strategic divestment aligns with Reliance Industries' ongoing efforts to optimize its business portfolio and focus on core growth areas.

Read More: Comparison Between Old And New Income Tax Regimes: Insights From An Indian Taxpayer Survey

Tags :
tlbr_img1 World tlbr_img2 Trending tlbr_img3 Entertainment tlbr_img4 Video