Reliance New Energy invests $ 12 million in an American solar company, which will help develop products.
Reliance New Energy Limited (RNEL), a subsidiary of Mukesh Ambani-led Reliance Industries, has announced an investment in Caelux Corporation, located in Pasadena, California, USA.
This company manufactures perovskite-based solar technology.
According to a press release issued by the company, RNEL has decided to invest $12 million in Calcs. In return, the company will get a 20 percent stake in Calcs.
It was also said that this investment will help develop Calx’s products and technology.
Reliance’s Strategic Partnership.
Both companies have described this partnership as a strategic investment. It will also aid in the technology commercialization of Caelux.
Speaking about the investment, Mukesh Ambani, Chairman, Reliance Industries Ltd. said that the investment in Caelux will develop the most advanced green energy manufacturing ecosystem in the world through innovation backed by world-class talent.
Ambani further said that Caelux ‘s proprietary perovskite-based solar technology will help us take innovation in perovskite crystalline solar modules to the next stage.
Big investment in Reliance Green Energy.
Reliance is investing extensively in green energy. The company plans to invest Rs 75,000 crore in the sector over the next three years to set up four giga-factories.
They will make solar panels, energy storage systems, fuel cells along with many more solar-connected devices.
RBI tightens on Mahindra Finance after Hazaribagh incident, bans services of third-party recovery agents.
The Reserve Bank of India (RBI) on Thursday barred Mahindra Finance from using third-party recovery agents for the recovery of loans.
The RBI has imposed this restriction in the exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934.
Mumbai-based Mahindra & Mahindra Financial Services Limited (MMFSL) has been asked to recover processes through external agencies should be stopped.