Reliance to sell REC’s polysilicon manufacturing arm for $22 million


Reliance Industries Ltd (RIL) announced this week it is selling REC Solar Norway to Elkem ASA, an Oslo Stock Exchange-listed silicon-based material provider.

Reliance Industries’ step-down arm REC Solar Holdings has entered into a share purchase agreement with Elkem ASA for sale of its 100% equity stake in REC Solar Norway AS (REC Norway) for an aggregate cash consideration of $22 million.

Upon completion of the sale, REC Solar Norway will cease to be a subsidiary of the company. REC Solar Holdings AS and its subsidiaries, engaged in the business of manufacturing and sale of solar PV HJT cells and modules, will continue to be RIL’s subsidiaries.

REC Norway, a wholly owned subsidiary of REC Solar Holdings AS, manufactures kerf-based polysilicon in Norway. RIL will continue to retain the technology and intellectual property rights of kerf-based polysilicon.

REC Norway had a turnover of NOK 1.1 billion in CY2022 and a net worth of NOK 0.3 billion as on December 31, 2022, contributing 0.08% and 0.03%, respectively, of annual consolidated turnover and net worth of the company for the financial year 2022-23.

“The above transaction is subject to certain regulatory and other customary closing conditions and is expected to complete by April 2024,” stated RIL.

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