Mukesh Ambani is India richest man. Mukesh Ambani company Reliance Industries is going through its golden run. There are many companies in the name of Ambani, one of them is being sold by Ambani.
Surprisingly, Ambani is selling this company at a huge loss, at a much lower price than what he bought 28 months ago. Let know more about this deal of Ambani and which company is being talked about.
Ambani company is being sold
Reliance Industries Ltd (RIL) on Monday said it is selling its REC Solar Norway AS unit to Alkem ASA for about $22 million. REC Norway is a wholly-owned unit of REC Solar Holdings, controlled by Reliance. It manufactures polysilicon in Norway. A unit of Reliance had acquired this solar panel manufacturer in October 2021 at a price of $771 million.
Information about the stock market
Reliance has informed the stock market about the sale of this company. REC Solar Holdings AS, a wholly-owned subsidiary of RIL, has informed that it has entered into a $22 million share purchase agreement with Alkem ASA for the sale of 100 per cent of its shares on January 14, 2024, the company said. RIL said the transaction is subject to certain regulatory and other conditions and is expected to be completed by April 2024.
Reliance shares surge
On the other hand, the shares of Reliance Industries saw a rise on Monday. Shares of the company closed at Rs 2787.50, up 1.73 per cent, on Monday, according to BSE data Shares of the company also hit a record high of Rs 2792.65 during the trading session. If we talk about the market cap of the company, then an increase of more than 32 thousand crore rupees was seen. After this, the market cap of the company came down to Rs 18,85, 934.52 crore.