Reliance New Energy acquires assets of Lithium Werks

On a Going Concern basis

Reliance New Energy, a wholly owned subsidiary of Reliance Industries has signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV (Lithium Werks) for a total transaction value of US$ 61 Million including funding for future growth. The assets include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.

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