Reliance Industries Ltd (RIL) has announced the sale of REC Solar Norway AS to Oslo-listed Elkem ASA for approximately $22 million. REC Norway, a wholly-owned subsidiary of REC Solar Holdings, is engaged in the manufacturing of kerf-based polysilicon in Norway. RIL had acquired Norway’s solar panel manufacturer in October 2021 for an enterprise value of $771 million, as part of its expansion into alternative energy. The share purchase agreement for the sale was entered into on January 14, 2024.