RNEBL was incorporated in India on January 1, 2025 with an objective of undertaking business of manufacturing battery cells,
The Board of Directors of Reliance Industries Limited have approved acquisition of 100% equity stake of Reliance New Energy Battery Limited (RNEBL) from Reliance New Energy Limited (RNEL), for an aggregate consideration of Rs. 1 lakh.
RNEBL is a step-down wholly owned subsidiary of the company and post this acquisition RNEBL will become a direct wholly owned subsidiary of the company.
RNEBL was incorporated in India on January 1, 2025 with an objective of undertaking business of manufacturing battery cells, packs and containers and providing energy storage systems and solutions to various end-users. RNEBL is yet to commence commercial operations.
The said acquisition will enable the company to engage in the development of energy storage manufacturing capabilities, including those utilising Advanced Chemistry Cells.
The transaction is between the company and its wholly owned subsidiary and hence a related party transaction. It is on an arm's length basis. None of the company’s promoter/promoter group/other group companies have any interest in the above transaction.
No governmental or regulatory approval is required for the above acquisition. The acquisition is expected to be completed by the end of January 2025.
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