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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 ..
L&T subsidiary opens new manufacturing unit in Saudi Arabia
L&T Valves Ltd., a subsidiary of Larsen & Toubro, established a new manufacturing plant in Al Jubail, Saudi Arabia, next to the Dammam-Abu Hadriyah Highway. One of Saudi Arabia's main providers of on-off valves is L&T Valves.
The manufacturing facility is being opened with the intention of satisfying the increasing demand from the Middle East. In keeping with Saudi Vision 2030, Anil V. Parab, Whole-time Director and Senior Executive Vice President, Heavy Engineering and L&T Valves, emphasised that the new facility will greatly improve local manufacturing capabilities..
LIC Housing Finance net profit dips 9.14% in Q4 of FY24; Rs 10.8206 bn
LIC Housing Finance disclosed a 9.14 % decline in its net consolidated profit for the quarter ending March 31, 2024. Its profit after tax reached Rs 10.8206 billion in Q4 FY24, down from Rs 11.9088 billion in the corresponding period of the previous fiscal, as per the company's filing with BSE. The net consolidated total income for Q4 FY24 amounted to Rs 69.4861 billion, marking an 8.04% increase from Rs 64.3123 billion in the same quarter last year.
Tribhuwan Adhikari, MD & CEO said, "Our focus on reduction in NPA and control over cost of funds have enabled us to close the year with a..
