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Reliance Industries trades in green as its arm planning to invest in Ambri

Reliance Industries trades in green as its arm planning to invest in Ambri

Reliance Industries is currently trading at Rs. 2089.50, up by 12.25 points or 0.59% from its previous closing of Rs. 2077.25 on the BSE.

Reliance Industries

The scrip opened at Rs. 2084.70 and has touched a high and low of Rs. 2099.70 and Rs. 2081.70 respectively. So far 56536 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 2368.80 on 16-Sep-2020 and a 52 week low of Rs. 1830.00 on 29-Jan-2021.

Last one week high and low of the scrip stood at Rs. 2154.60 and Rs. 2065.80 respectively. The current market cap of the company is Rs. 1415977.46 crore.

The promoters holding in the company stood at 50.59%, while Institutions and Non-Institutions held 38.20% and 11.03% respectively.

Reliance New Energy Solar (RNESL), a wholly owned subsidiary of Reliance Industries (RIL), along with strategic investors Paulson & Co. Inc. and Bill Gates, and a few other investors, are planning to invest $144 million in Ambri Inc, an energy storage company based in Massachusetts, USA. The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri.

Based on patented technology and designed to last between 4-24 hours, Ambri’s longduration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications. They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids. RNESL and Ambri are also in discussions for an exclusive collaboration to set up a largescale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance’s green energy initiative.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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