By Aditi Shah
NEW DELHI, March 15 (Reuters) – Indian refining giant Reliance Industries (RELI.NS) has acquired the assets of battery maker Lithium Werks for $61 million, its second such deal in less than three months, as it makes a bigger push towards clean energy and transport.
Reliance’s investment in Lithium Werks, which manufactures lithium iron phosphate batteries that are mainly used in electric vehicles (EVs), includes funding for future growth, the company said late on Monday.
The deal comes as Reliance looks to cut dependence on its mainstay oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to boost its green credentials and meet its goal of net zero carbon by 2035. read more
“Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries,” Reliance’s owner, billionaire Mukesh Ambani said in the statement.
India is offering incentives of up to $6 billion to companies to build EVs and batteries locally as the government looks to establish a domestic supply chain for clean transport and renewable energy. read more
($1 = 0.7668 pounds)
