Reliance Arm To Invest In Germany-Based NexWafe
NDTV
As part of the India Strategic Partnership Agreement, the Reliance arm will secure access to NexWafes proprietary technology and plans to build large-scale wafer manufacturing facilities in India
Billionaire Mukesh Ambani-led Reliance Industries today announced that its wholly-owned subsidiary Reliance New Energy Solar Limited (RNESL) has entered into an agreement with Germany-based NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares of face value of EUR 1 each.
Reliance New Energy Solar Limited will also be issued 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant subject to achievement of agreed milestones, according to a regulatory filing by the conglomerate to the stock exchanges. The transaction is proposed to be completed by end of this month.
The Reliance arm and NexWafe also entered into an India Strategic Partnership Agreement for joint technology development and commercialization, - at scale of high-efficiency monocrystalline 'green solar wafers', according to the statement.
As part of the India Strategic Partnership Agreement, the Reliance arm will secure access to NexWafe's proprietary technology and plans to build large-scale wafer manufacturing facilities in India using the NexWafe processes and technology.
