State-owned ONGC offers stake in KG block to foreign companies

State-owned Oil and Natural Gas Corporation (ONGC) is offering a stake to foreign companies in its ultra-deep sea gas discovery and a high-pressure, high-temperature block in the Krishna Godavari (KG) basin as it looks for financial and technological help to bring the challenging fields to production. ONGC has floated an initial tender seeking interest of global majors […]

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Reliance New Energy acquires Lithium Werks’ assets for $ 61 million

Reliance New Energy Ltd (RNEL) an arm of Reliance Industries Limited is set to acquire the assets of cobalt-free lithium battery technology and manufacturing company Lithium Werks for a total transaction value of $61 million, Mukesh Ambani-led conglomerate said in a media release. The acquisition will provide RNEL access to Lithium Werk’s cobalt-free and high-performance […]

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RIL subsidiary acquires UK-based battery technology firm Faradion for 100 million British pounds

Reliance New Energy Solar Ltd, a Reliance Industries subsidiary, has acquired 100% shareholding in UK-based firm Faradion Limited for GBP 100 million. Reliance will spend an additional GBP 25 million to accelarate its roll out, Reliance Industries said in a press release. Faradion Limited is a leading global battery technology firm that has patents of sodium-ion battery technology. The Sheffield and Oxford-based firm […]

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Reliance, Aramco call off $15 billion stake swap deal amid valuation differences

Reliance Industries and Saudi Aramco have called off the long hiccupping deal for Saudi Arabia’s oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns. It is understood talks broke down over how much Reliance’s oil-to-chemicals (O2C) business should be valued as the world seeks to move […]

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