Acquisition is not a related party transaction, Reliance said
Billionaire Mukesh Ambani-led Reliance Industries today announced that its wholly owned subsidiary Reliance New Energy Solar Limited (RNESL) has entered into an agreement with Germany-based Nexsafe GmbH (Nexwaf). each.
36,201 warrants will also be issued to Reliance New Energy Solar Ltd, exercisable for consideration of 1 EUR per warrant, subject to achievement of agreed milestones, according to a regulatory filing by the group to the stock exchanges. The deal is proposed to be completed by the end of this month.
Reliance Arm and Nexwafe also entered into an India Strategic Partnership Agreement for joint technology development and commercialization, on the scale of high-efficiency monocrystalline ‘green solar wafers’, according to the statement.
As part of the India Strategic Partnership Agreement, the Reliance arm will secure access to NexWafe’s proprietary technology and plans to build large-scale wafer manufacturing facilities in India using NexWafe processes and technology.
The acquisition is not a related party transaction and no promoter or promoter group/group of companies is interested in Nexsafe.
The investment by the Reliance unit will accelerate product and technology development for the Germany-based firm, including completing commercial development of Nexwave’s solar photovoltaic products on prototype lines in Freiburg, Reliance said in its statement.
On Tuesday, October 12, shares of Reliance Industries closed 0.66 per cent higher at Rs 2,668.55 on the BSE. Reliance opened at Rs 2,641 on BSE during the entire trading session today, hitting an intraday high of Rs 2,682.75 and an intraday low of Rs 2,641.
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