July 6, 2022

Mukesh Ambani’s Reliance Industries Ltd., on Monday introduced acquisition of property of cobalt-free lithium battery era corporate Lithium Werks for $61 million, because it builds era and subject matter wherewithal for its new power foray.

Reliance Industries’ arm Reliance New Power has obtained property of Lithium Werks together with all the patent portfolio of Lithium Werks and a producing facility in China, key industry contracts and hiring of current workers as a going fear. among others.

‘Reliance New Power Ltd, an entirely owned subsidiary of Reliance Industries Ltd, has nowadays signed definitive agreements to obtain considerably the entire property of Lithium Werks BV for a complete transaction price of $61 million together with investment for long term enlargement,” the corporate stated in a observation.

Integrated in 2017, Lithium Werks is a cobalt-free lithium battery era and production corporate, with operations in america, Europe and China and consumers international.

Its batteries are utilized in business, clinical, marine, power garage, industrial transportation and different extremely challenging programs.

(With PTI inputs)

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Printed on: Monday, March 14, 2022, 08:05 PM IST

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