Reliance Industries Acquires its Step-down Subsidiary to Focus on Energy Storage Manufacturing
Reliance Industries Ltd. announced its Board's approval to acquire a 100 percent equity stake in Reliance New Energy Battery Ltd. from Reliance New Energy Ltd. for INR 1 lakh, aiming to develop advanced energy storage manufacturing capabilities.
January 17, 2025. By Mrinmoy Dey
The said acquisition will enable the company to engage in the development of energy storage manufacturing capabilities, including those utilising advanced chemistry cells, Reliance Industries stated in a regulatory filing.
The acquisition is expected to be completed by end of January 2025.
RNEBL is a step-down wholly-owned subsidiary of Reliance Industries and post this acquisition RNEBL will become a direct wholly-owned subsidiary of the company,
“RNEBL was incorporated in India on January 1, 2025 with an objective of undertaking business of manufacturing of battery cells, packs and containers and provide energy storage systems and solutions to various end-users. RNEBL is yet to commence commercial operations,” it said.
It further added that the transaction is between the company and its wholly owned subsidiary and hence a related party transaction and is done on arm’s length basis.
please contact: contact@energetica-india.net.
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