Mukesh Ambani’s Reliance Industries Limited has bet big on Lithium Works, a company that makes cobalt-free lithium batteries. In fact, Reliance New Energy Limited, a subsidiary of Reliance Industries, has announced the acquisition of all the assets of Lithium Works BV. The deal was done for $61 million.
According to a statement issued by Reliance Industries, Reliance New Energy Limited has signed a definitive agreement. The total value of this transaction is $61 million, including financing for future growth.
Business up to China: The acquisition of Lithium Works is important for Reliance, which is making a foray into the non-conventional energy space. The deal covers Lithium Works’ manufacturing unit in China, as well as all of its products and existing employees.
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Company launch in 2017: Let us tell you that Lithium Works is a technology and manufacturing company associated with cobalt-free lithium batteries, which started operations in the year 2017. It continues to operate in the US, Europe and China with customers spread across the world. Batteries made from Lithium Werks are used in the industrial, medical, maritime transport, energy storage and commercial transport sectors.
How about the stock: On the first trading day of the week i.e. Monday, the share price of Reliance Industries was Rs 2418.55. The company’s stock gained 0.84 per cent at the end of trading.