Rajesh Exports incorporates 100% subsidiary ACC Energy Storage; Stock climbs 2%

7 Nov 2022 , 02:42 PM

Rajesh Exports Ltd. has announced that it is foraying into Advanced Technology Solutions with a focus on Energy Storage Solutions.

REL has been selected by the Government Of India as one among the three successful participants in the Rs18,100 crore PLI Scheme for production of Advanced Chemistry Cells. The other two selected Companies being Reliance Industries and Ola Electric.

As per the requirement of the PLI Scheme REL has incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd. The venture of manufacture of Advanced Chemistry Cells would be under the newly formed 100% Subsidiary.

“REL would also be initiating further steps to emerge as a leading global player in the Energy Storage Sector and to meet the requirements under the PLI Scheme”, the company said on Monday.

Rajesh Mehta, Chairman, Rajesh Exports Ltd. said, “While leading the Global Gold business, REL is foraying into advanced technology solutions with an aim to provide clean and green energy to the World. REL would be taking all the required steps to emerge as a leading global player in advanced technology solutions.”

At around 2:42 PM, Rajesh Exports Ltd is currently trading at Rs762.70 per share up by Rs16.9 or 2.27% from its previous closing of Rs745.80 per share on the BSE.

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