Reliance completes sale of REC Solar Norway

Reliance Industries Limited has completed the sale of REC Solar Norway AS to Oslo-listed Elkem ASA for approximately $22 million. In October 2021, a Reliance unit acquired the Norwegian solar panel manufacturer for an enterprise value of $771 million, as part of the Indian conglomerate’s strategy to expand into the alternative energy sector. In January 2024, Reliance disclosed that its subsidiary, REC Solar Holdings AS, had entered into a share purchase agreement with Elkem ASA on January 14, 2024, to sell its 100 per cent equity stake in REC Solar Norway AS for a total cash consideration of $22 million.