RIL to buy assets of Lithium Werks for USD 61 millionReliance Industries has announced acquisition of assets of cobalt-free lithium battery technology company Lithium Werks for a consideration of USD 61 million, as it builds technology and material wherewithal for its new energy foray.

Reliance New Energy, a wholly-owned subsidiary of Reliance Industries, inked definitive agreements to acquire substantially all of the assets of Lithium Werks BV.

The assets include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.

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