Reliance Industries completes sale of REC’s polysilicon unit

Reliance Industries Ltd. (RIL) has completed the sale of REC Solar Holdings’ kerf-based polysilicon manufacturing division, REC Solar Norway, to Elkem ASA. However, it will retain the technology and intellectual property rights of kerf-based polysilicon.

Mukesh Ambani, the largest shareholder of Reliance Industries

Image: Reliance Industries

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From pv magazine India

RIL has announced that its REC Solar Holdings AS unit has completed the sale of its kerf-based polysilicon manufacturing division, REC Solar Norwa,y to Elkem ASA, an Oslo-listed, silicon-based material supplier.

The announcement follows RIL’s disclosure in January about the signing of a share purchase agreement between REC Solar Holdings and Elkem ASA. Under the terms of the deal, REC Solar Holdings agreed to sell its 100% equity stake in REC Solar Norway AS (REC Norway) for an aggregate cash consideration of $22 million.

Notably, REC Norway closed its polysilicon production operations in Kristiansand and Porsgrunn, Norway, in November 2023.

“We have reached the point where it is unfortunately not possible to make the production of high-purity silicon in Norway viable,” REC CEO Jan Enno Bicker said at that time.

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RIL will retain the technology and intellectual property rights of kerf-based polysilicon following the completion of the REC Solar Norway sale. REC Solar Holdings AS and its subsidiaries remain RIL’s subsidiaries.

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