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Reliance Industries Announces Financial Investment In Germany-Based NexWafe Through Solar Power Arm

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The acquisition is not a related party deal, stated RelianceBillionaire Mukesh Ambani-led Reliance Industries today revealed that its wholly-owned subsidiary Reliance New Energy Solar Limited (RNESL) has actually entered into an agreement with Germany-based NexWafe GmbH (NexWafe) for acquiring 86,887 series C favored shares of face value of EUR 1 each.Reliance New Energy Solar Limited will also be released 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant subject to accomplishment of agreed turning points, according to a regulatory filing by the corporation to the stock market.

The transaction is proposed to be completed by end of this month.

The Reliance arm and NexWafe likewise participated in an India Strategic Collaboration Agreement for joint innovation advancement and commercialization, - at scale of high-efficiency monocrystalline 'green solar wafers', according to the declaration.

As part of the India Strategic Partnership Contract, the Reliance arm will secure access to NexWafe's proprietary innovation and prepares to develop large-scale wafer production centers in India utilizing the NexWafe processes and innovation.

The acquisition is not a related celebration transaction and none of the promoter or the promoter group/group business have interest in NexWafe.

The financial investment by the Reliance arm will accelerate product and technology advancement for the Germany-based company, including the completion of industrial development of NexWafe's solar photovoltaics items on prototype lines in Freiburg, included Reliance in its statement.

On Tuesday, October 12, shares of Reliance Industries settled 0.66 percent higher at Rs 2,668.55 apiece on the BSE.

Reliance opened on the BSE at Rs 2,641, swinging to an intra day high of Rs 2,682.75 and an intra day low of Rs 2,641, throughout the trading session today.




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