Reliance Industries Ltd (RIL) shares hit a record-high price on January 15 after the Mukesh Ambani-led company announced entering into an agreement with Elkem ASA for the sale of its step-down arm, REC Solar Norway AS, for $22 million.

Shares of Reliance Industries hit an all-time high of Rs 2,792.90, 1.83% higher than its last closing price on the National Stock Exchange (NSE). The stock closed 1.63% higher at Rs 2,786.00. 

The oil-to-telecom conglomerate announced in an exchange filing on Monday that REC Solar Holdings AS, RIL’s step-down wholly-owned subsidiary, has signed a share purchase agreement with Elkem ASA for the sale of a 100% stake in REC Solar Norway AS for an aggregate cash consideration of $22 million.

REC Norway, a wholly-owned unit of REC Solar Holdings, manufactures kerf-based Polysilicon in Norway. Founded in 1904, Oslo-based Elkem ASA provides silicon-based materials.

RIL further added in the regulatory filing that, upon the sale’s completion, REC Norway will cease to be a subsidiary of the company. However, it will continue to retain the technology and intellectual property rights of kerf-based Polysilicon. REC Solar Holdings AS and its subsidiaries will also continue to be RIL’s subsidiaries.