Reliance Industries subsidiary acquires assets of Lithium Werks B.V. for $61 mil.

15 Mar 2022 , 09:22 AM

Reliance Industries, through its subsidiary, will acquire Lithium Werks B.V.s company to be set up in Netherlands (NewCo), all the assets of Lithium Werks including its 100% stake in Lithium Werks Technology B.V. (LW Tech) and Lithium Werks China Manufacturing Co (LW China) along with key business contracts and hiring of existing employees. NewCo will issue shares to the founders and existing employees at closing and after such issuance. Reliance New Energy (RNEL) will hold 85.8% stake of NewCo.

The management of Lithium Werks will bring over 30 years of battery expertise and nearly 200 MWh annual production capacity including coating, cell and custom module manufacturing capability. Lithium Werks, founded in 2017, is a leading provider of cobalt free and high-performance Lithium Iron Phosphate (LFP) batteries.

The combination of Lithium Werks with Reliance Industries (RIL) recently announced acquisition of Faradion, a major player in sodium-ion cell chemistry, would further strengthen RILs technology portfolio and provide it access to the portfolio of LFP patents and a management team with vast experience of innovation in cell chemistry, custom modules, packing and building large scale battery manufacturing facility.

On a consolidated basis, RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21.

Shares of RIL were down 0.32% at Rs 2,410.70 on BSE. RIL is Indias largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

Powered by Capital Market – Live News