Reliance Industries shares edged higher in a strong market on the news of its subsidiary's investment in the Germany-based NexWafe. Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary, has entered into an agreement with the Germany-based NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares of face value of EUR 1 each, Reliance Industries said in a regulatory filing on Tuesday.
Reliance New Energy Solar Limited will also be issued 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant, subject to agreed milestones, Reliance Industries added. The transaction will be completed by the end of this month.
Reliance New Energy Solar Limited and NexWafe also entered into an India Strategic Partnership Agreement for joint technology development and commercialization of 'green solar wafers'. As part of this agreement, the Reliance arm will secure access to NexWafe's proprietary technology and build large-scale wafer manufacturing facilities in India using NexWafe processes and technology.
At 11:10 am, Reliance Industries shares were trading at Rs 2,677, higher by 0.3 per cent, on the BSE. The BSE Sensex and NSE Nifty were trading with gains of 0.5 per cent at the time.