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Reliance Sells REC Solar Norway to Elkem for $22 Million
Reliance Industries Ltd announced on Thursday the completion of the sale of its subsidiary, REC Solar Norway AS, to Oslo-listed Elkem ASA for approximately USD 22 million. REC Norway, a wholly-owned unit of REC Solar Holdings, specializes in manufacturing kerf-based polysilicon in Scandinavia.
This divestment follows Reliance's acquisition of REC Solar Holdings in October 2021 for an enterprise value of USD 771 million. The acquisition was a strategic move by the Indian conglomerate to expand its footprint in the alternative energy sector.
The sale agreement, which was finalize..
NSE-listed companies' CSR spending reached Rs 155.24 bn in FY23
India Inc.'s corporate social responsibility (CSR) spends reportedly increased by 5% from Rs 148.16 billion in FY22 to Rs 155.24 billion in FY23 across 1,296 NSE-listed companies. It was highlighted that HDFC Bank (Rs 8.20 billion), Tata Consultancy Services (Rs 7.83 billion), and Reliance Industries (Rs 7.44 billion) were the top contributors in this regard.
It was noted that ten companies, including the aforementioned three, collectively contributed to 33% of the total CSR expenditure in FY23, as per data exclusively shared with ET by primeinfobase.com, an initiative of Prime Databas..
Reliance, JSW among bidders for ACC Battery Scheme
Reliance Industries Limited, JSW Energy, and five other prominent companies have submitted bids for the ambitious 10-gigawatt-hour (GWh) advanced chemistry cell (ACC) battery manufacturing project under the Production Linked Incentive (PLI) scheme. The initiative, aimed at bolstering domestic production of batteries for electric vehicles and energy storage systems, has attracted significant interest from industry leaders.
The PLI scheme, part of the Indian government's efforts to promote domestic manufacturing and reduce dependence on imports, offers financial incentives to companies ..
Cairn Oil & Gas Reserves Surge
Cairn Oil & Gas, a subsidiary of Vedanta Resources, has reported a significant 19% increase in its oil and gas reserves, now totalling an impressive 1.4 billion barrels of oil equivalent. This notable growth underscores Cairn's robust exploration and production capabilities, solidifying its position as a leading player in India's energy sector.
The increase is attributed to successful exploration activities and efficient reservoir management, which have optimised recovery rates. Cairn's CEO, Nick Walker, highlighted that this achievement aligns with the company's strategic goal..
Consumer-Led Demand Shapes India's Oil Market
In India, the landscape of oil consumption is undergoing a paradigm shift. Rather than being solely dictated by industrial needs, the demand for oil is now predominantly driven by consumers. This shift signals a significant evolution in the nation's energy dynamics, with implications for both the economy and the environment.
Key factors contributing to this transformation include the rising affluence of India's middle class, urbanisation trends, and the increasing penetration of automobiles. As more households join the middle-income bracket, there is a corresponding surge in the owners..
