Indian refining giant Reliance Industries has acquired the assets of battery maker Lithium Works for $61 million, the second such deal in less than three months.
see photosReliance Industries logo displayed in a stall at Vibrant Gujarat Global Trade Show
Indian refining giant Reliance Industries has acquired the assets of battery maker Lithium Works for $61 million, the second such deal in less than three months, as it makes a major push towards clean energy and transportation. Reliance’s investment in Lithium Works, a maker of lithium iron phosphate batteries that are primarily used in electric vehicles (EVs), includes funding for future development, the company said late Monday. It said the assets acquired through its subsidiary Reliance New Energy include a portfolio of Lithium Works about 219 patents, a manufacturing plant in China, major business contracts and existing employees.
The deal comes as Reliance seeks to cut reliance on its mainstay oil-to-chemical business, boost its green credentials with plans to invest $10 billion in clean energy projects and achieve net zero carbon footprint by 2035. plan to achieve its goal. Reliance agreed in December to buy UK-based sodium-ion battery company Faradion for an enterprise value of £100 million ($130 million). Both companies will give Reliance access to technology that will be crucial in its plans to build batteries and battery systems in India.
“With Faradion, Lithium Works will enable us to accelerate our vision of establishing India at the heart of growth in global battery chemistry,” Reliance’s owner, billionaire Mukesh Ambani, said in the statement. He said this would allow Reliance to provide a “high-performance supply chain” to the growing Indian EV and energy storage markets.
India is offering companies up to $6 billion in incentives to manufacture EVs and batteries locally as the government seeks to establish domestic supply chains for clean transportation and renewable energy.
($1 = 0.7668 pounds)
(Reporting by Aditi Shah; Editing by Richard Pullin)
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