Asia’s richest person Mukesh Ambani’s Reliance Industries has recently acquired Lithium Weeks, a lithium ion battery maker. Reliance has done this deal for $ 61 million. Lithium Works manufactures lithium-ion phosphate batteries for use in electric vehicles.
Reliance said in a statement that Reliance Industries, through its arm Reliance New Energy, has invested in Lithium Works, a manufacturer of lithium-ion batteries for electric vehicles. Lithium Work holds 219 patents to its name and the company also has a production facility in China. Reliance has included all current business contracts of the company in this deal.
Invested for the second time in the last three months: Earlier in December, Reliance Industries had bought UK-based sodium ion battery maker Faradion for $130 million. By buying two electric battery makers one after the other, Reliance has made it clear that in the future, the company wants to develop the capacity to make batteries on a large scale in India.
Reliance to invest $10 billion: Reliance, which does business from oil to telecom, had announced to invest $10 billion in green energy. The company aims to reduce carbon emissions to zero by 2035. Earlier, Apna was also in talks to sell petroleum business to Saudi Aramco.
Government will get help for making batteries: In view of the increasing demand for electric vehicles, the Government of India is also encouraging large-scale battery manufacturers in the country. The government is providing $6 billion in product linked incentives (PLIs) to companies making batteries for electric vehicles.
Reliance Industries is the largest company in the country by market capitalization. The market capitalization of the company is Rs 15,95,145 crore. In the financial year 2020-21, the consolidated income was Rs 5,39,238 crore while the company earned Rs 53,739 crore during this period.