RIL's subsidiary concludes acquisition of certain shares of Germany-based NexWafe

Reliance Industries said that its wholly-owned subsidiary Reliance New Energy (RNEL) has completed the purchase of certain shares of Nexwafe GmbH, for an aggregate consideration of 7,55,684 euros.

RNEL has acquired 7,433 common shares, 1,518 Series B1 preferred shares and 660 Series B2 preferred shares of Nexwafe GmbH.

RIL further stated that no governmental or regulatory approvals were required for the said purchase of shares.

The transaction does not fall within related party transactions and none of the company's promoter / promoter group / group companies have any interest in the transaction, it added.

In October 2021, RIL had announced that Reliance New Energy (then known as Reliance New Energy Solar) has decided to invest reportedly $29 million in NexWafe GmbH of Germany as a lead investor in a fund raise.

NexWafe is developing and producing monocrystalline silicon wafers grown directly from inexpensive raw materials, going directly from the gas phase to finished wafers, obviating the need for costly and energy intensive intermediate steps such as polysilicon production and ingot pulling on which traditional wafer manufacturing relies.

RIL's subsidiary and NexWafe had also entered into an 'India Strategic Partnership Agreement' providing for joint technology development and commercialization, at scale, of high efficiency monocrystalline green solar wafers.

RNEL, under the aforesaid India Strategic Partnership Agreement, will secure access to NexWafe's proprietary technology and plans to build large-scale wafer manufacturing facilities in India using the NexWafe processes and technology.

Reliance Industries (RIL) is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021.

The scrip fell 2.32% to Rs 2377.90 on the BSE.

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