Reliance New Energy to acquire Lithium Werks; step in right direction, says IIFL

Reliance New Energy Solar’s acquisition of Lithium Werks is a step in the right direction, said Harshvardhan Dole, vice president-institutional equities at IIFL.

The wholly-owned subsidiary of Reliance Industries to acquire all assets of lithium-ion battery maker Lithium Werks for USD 61 million. The company has operations in the US, Europe and China and has a production capacity of 200 megawatts.

In an interview to CNBC-TV18, Dole said, “This acquisition puts one more milestone towards completing the entire value chain and that is what we have been iterating that Reliance is perhaps the only company in the sector who is taking a differentiated approach in building the entire value chain.”