Mukesh Ambani, the largest shareholder of Reliance Industries
Image: Reliance Industries
RIL has announced that its REC Solar Holdings AS unit has completed the sale of its notch-based polysilicon manufacturing division, REC Solar Norwa,y to Elkem ASA, an Oslo-listed supplier of silicon-based materials.
The announcement follows RIL’s January announcement of 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 interest in REC Solar Norway AS (REC Norway) for a total cash consideration of $22 million.
Notably, REC Norway closed its polysilicon manufacturing 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 viable in Norway,” REC CEO Jan Enno Bicker said at the time.
RIL will retain the technology and intellectual property rights of notch-based polysilicon following the completion of the sale of REC Solar Norway. REC Solar Holdings AS and its subsidiaries remain the subsidiaries of RIL.
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