Reliance Industries Ltd is set to divest REC Solar Norway AS to Oslo-listed Elkem ASA for approximately $22 million. REC Norway, a wholly-owned subsidiary of REC Solar Holdings, operates in the production of kerf-based polysilicon in Scandinavia.
The move follows Reliance’s acquisition of Norway’s solar panel manufacturer in October 2021, valued at USD 771 million. As reported by Business Standard, the strategic decision reflects Reliance Industries’ commitment to expanding its influence in the realm of alternative energy. Elkem ASA manufactures silicon-based materials.
