Reliance Industries Ltd (RIL) announced this week that its step-down arm REC Solar Holdings AS has completed sale of its kerf-based polysilicon manufacturing arm REC Solar Norway to Elkem ASA, an Oslo Stock Exchange-listed silicon-based material provider. Consequently, REC Norway has ceased to be a subsidiary of the Company.
The announcement follows RIL’s disclosure in January about the signing of a share purchase agreement between REC Solar Holdings and Elkem ASA. Under the pact REC Solar Holdings agreed to sell its 100% equity stake in REC Solar Norway AS (REC Norway) for an aggregate cash consideration of $22 million.
Notably, REC Norway closed its polysilicon production operations in Kristiansand and Porsgrunn, Norway, in November last year.
“We have reached the point where it is unfortunately not possible to make the production of high-purity silicon in Norway viable,” REC’s CEO, Jan Enno Bicker, said at that time.
RIL retains the technology and intellectual property rights of kerf-based polysilicon post completion of the [REC Solar Norway] sale. REC Solar Holdings AS and its subsidiaries, engaged in the business of manufacturing and sale of solar PV HJT cells and modules, continue to be RIL’s subsidiaries.
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