Reliance Industries stock was trading up in the Wednesday morning session after the company signed a licensing agreement with Nel Hydrogen Electrolyser AS.
What Happened: Reliance signed a licensing agreement with the subsidiary of Nel ASA, the Norwegian company that will provide Reliance with an exclusive license for Nel's alkaline electrolysers in India. The agreement will also allow Reliance to manufacture Nel's alkaline electrolysers for captive purposes.
The agreement also provides Nel the opportunity to procure equipment from Reliance for its projects.
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Both companies will also collaborate on future performance improvements and cost optimization through value engineering, R&D, standardization and modularization to enhance the competitiveness of the alkaline technology platform.
Earlier this year, Reliance announced its plans to invest $10 billion in clean energy over the next three years. This includes setting up a Giga factory for manufacturing and integrating all critical components of the hydrogen ecosystem.
In its March quarterly results, Reliance's net profit fell 2% YoY to ₹18,951 crore. The conglomerate’s revenue surged 11% to ₹2.4 lakh crore. While EBITDA rose 14% ₹47,150 crore.
Price Action: Reliance Industries stock was up 1.49% at ₹2915.10 on Wednesday's trading session.
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