(Bloomberg) -- Australian startup Recharge Industries' bid to buy land owned by Britishvolt is at risk of collapse over a power supply contract signed by the failed UK battery company, the Financial Times reported, citing people with knowledge of the offer.
Recharge hasn't paid the ÂŁ9.7 million  ($12 million) for the coveted piece of land in Blyth, in northeast England, even through the deadline for the purchase has passed, the newspaper said. The deal hit an impasse over over a contract with National Grid, the FT reported.Â
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
Recharge did carry out the purchase of Britishvolt's intellectual property, including 23 staff and its battery technology.
Britishvolt's administrators chose Recharge in February to buy the majority of the insolvent company's business and assets. Recharge at the time said it planned to focus on building stationary batteries that are used to store energy first, before branching out into electric vehicle cell manufacturing.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.