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Reliance Industries shares hit 52-week high as subsidiary to sell REC Solar Norway for $22 million

Reliance Industries shares hit a fresh 52-week high of ₹2,758.85 on BSE on Monday after the company said that its step-down arm, REC Solar Holdings AS, has entered into an agreement with Elkem ASA for the sale of its 100% equity stake in REC Solar Norway AS for around $22 million cash deal.

REC Solar Holdings signed a share purchase agreement with Elkem on January 14 to divest its whole stake in REC Norway, RIL said in a stock exchange filing.

The $22 million deal is expected to close by April 2024, the company informed the bourses.

REC Norway is a wholly-owned arm of REC Solar Holding and is involved in the manufacturing of kerf-based Polysilicon in the Scandinavian country.

Oslo Stock Exchange-listed Elkem ASA provides silicon-based materials.

Reliance Industries stated that it will continue to retain the technology and intellectual property rights of kerf-based Polysilicon.

REC Norway reported a sales turnover of NOK 1.1 billion in calendar year 2022. Its networth was NOK 300 million as of December 31, 2022. REC Norway accounted for 0.08% and 0.03%, respectively of annual consolidated turnover and net worth of Reliance Industries for 2022-23.

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