Reliance Industries shares rose in a strong market on news of investment of its subsidiary in Germany’s Nexwaffe. Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary, has entered into an agreement with Germany-based Nexsafe GmbH (Nexwaf) for 86,887 Series C preferred shares of face value of 1 euro, Reliance Industries said in a statement. . regulatory filing on Tuesday.
36,201 warrants will also be issued to Reliance New Energy Solar Ltd, exercisable for consideration of EUR 1 per warrant, subject to the agreed milestone, Reliance Industries said. The transaction will be completed by the end of this month.
Reliance New Energy Solar Limited and NexWafe also entered into India Strategic Partnership Agreement for joint technology development and commercialization of ‘Green Solar Wafers’. As part of this agreement, the Reliance branch will secure access to Nexwaf’s proprietary technology and build large-scale wafer manufacturing facilities in India using Nexwaf processes and technology.
At 11:10 am, shares of Reliance Industries were trading 0.3 per cent higher at Rs 2,677 on the BSE. BSE Sensex and NSE Nifty were trading with a gain of 0.5 per cent at that time.