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Stock Report
Tripartite Agreement executed between The Government of India, The Government of Karnataka and Rajesh Exports Ltd
Posted On : 2023-01-25 18:40:19( TIMEZONE : IST )
Rajesh Exports Ltd. (BSE: 531500, NSE: RAJESHEXPO) The foray of Rajesh Exports Limited into advanced technology energy solutions business gained critical momentum upon execution of a Tripartite Agreement between The Ministry of Heavy Industries (Government Of India), Department of Industries and Commerce (Government of Karnataka) and ACC Energy Storage Pvt Ltd.
Rajesh Exports Limited has been selected by the Government of India as one among the three successful participants in the Rs. 18,100 Crores PLI Scheme for production of Advanced Chemistry Cells. As per the requirement of the PLI Scheme Rajesh Exports Limited has incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd, for execution of the project for manufacture of Advanced Chemistry Lithium Ion Cells for manufacture of Lithium Ion Batteries.
The Tripartite Agreement has been executed wherein the Ministry of Heavy Industries, Government of India has assured of all the required support for setting up of 5 GWhr Giga Factory. The Department of Industries and Commerce, Government of Karnataka has also assured all the required support and tailor made incentive package for setting up the Giga Factory and ACC Energy Storage has undertaken to execute the project within the required time limit.
Mr Rajesh Mehta, Chairman, Rajesh Exports Ltd. said, "While leading the Global Gold business, REL is foraying into advanced technology solutions for energy storage with an aim to provide clean and green energy to the World. REL would be taking all the required steps to emerge as a leading global player in advanced technology solutions for energy storage."
Shares of Rajesh Exports Limited was last trading in BSE at Rs. 848.35 as compared to the previous close of Rs. 856.60. The total number of shares traded during the day was 11742 in over 909 trades.
The stock hit an intraday high of Rs. 866.00 and intraday low of 837.35. The net turnover during the day was Rs. 9961210.00.
