Mukesh Ambani sells this company, deal was inked 35 months ago, it's worth Rs...

While Reliance Industries is experiencing one of its best stock market periods, the company had sold one of its units. Interestingly, Mukesh Ambani bought this company just 35 months ago in October 2021 for $771 million (Rs 6250 crore) and is now being sold for only $22 million (Rs 180 crore).

Reliance Industries Limited (RIL) sold REC Solar Norway AS to Elkem ASA. REC Norway is a wholly-owned unit of REC Solar Holdings, which is controlled by Reliance and manufactures polysilicon in Norway. A Reliance unit acquired this solar panel maker in October 2021 for $771 million.

The company stated that REC Solar Holdings AS, a wholly-owned subsidiary of RIL, had entered into a share purchase agreement with Elkem ASA on January 14, 2024, to sell 100 percent of its shares for $22 million. RIL mentioned that this transaction is subject to certain regulatory and other conditions and is expected to be completed by April 2024.

On Wednesday, Reliance Industries opened at ₹3004.95, reached a high of Rs 3012.85 and a low of Rs 2927.1 before closing at Rs 3001.1. The market capitalisation stood at Rs 2013268.73 crore with a 52-week high of Rs 3217.9 and a 52-week low of ₹2221.05.