Mukesh Ambani Acquired Lithium Works BV for $ 61 Million

Mukesh Ambani acquired Lithium Works BV for $ 61 million, know what works.

Reliance New Energy Ltd, a subsidiary of Reliance Industries Ltd (RIL), on Monday acquired all assets of Lithium Works BV for USD 61 million, including funding for future growth.

A press release issued by Reliance Industries Limited said that the agreement has been signed.

The assets include Lithium Works’ entire patent portfolio, a manufacturing facility in China, major business contracts, and hiring of existing employees, it said.

With a resurgence in demand for Lithium Iron Phosphate Batteries and Lithium Works’ integrated portfolio of LFP solutions, Reliance aims to capitalize on global opportunities, the company said.

Mukesh Ambani acquired Lithium Works BV: This will strengthen Reliance’s technology portfolio and provide access to the world’s leading portfolio of LFP patents, it said.

The acquisition of Faradion Limited and Lithium Works will leverage the technology and experience of senior management teams to establish an end-to-end battery ecosystem, it said.

RIL Chairman Mukesh Ambani said that LFP (Lithium Iron Phosphate Battery) is fast growing as one of the leading cell chemistries due to its cobalt and nickel free battery, low cost, and long life as compared to NMC and other chemistries.

He added that Lithium Works is one of the leading LFP cell manufacturing companies globally and has a vast patent portfolio and a management team with tremendous experience in innovation across the LFP value chain.

Mukesh Ambani said, “We are looking forward to working with the Lithium Works team and the pace at which we are moving towards establishing an end-to-end battery manufacturing and supply ecosystem for the Indian markets.”

20 percent FDI in LIC cleared the way, DPIIT issued notification.

The Department for Promotion of Industry and Internal Trade (DPIIT) has notified the government’s decision to allow foreign direct investment (FDI) up to 20 percent in IPO-bound LIC with a view to facilitating disinvestment of the country’s largest insurer.

The DPIIT on Monday issued a notification in this regard, under which a clause has been inserted in the existing policy, allowing FDI up to 20 percent in LIC under the automatic route.

Let us inform you that the Union Cabinet had approved its disinvestment last month. This move will ease the disinvestment of the insurance company.