Reliance Arm Acquires 100% Stake In UK-Based Faradion Limited For 100 Million Pounds
NDTV
Reliance New Energy Solar Limited - a wholly-owned unit of Reliance, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of GBP 100 million.
Billionaire Mukesh Ambani-owned Reliance Industries announced on Friday that it will buy UK-based solar battery company Faradion Limited for an enterprise value of GBP 100 million, to strengthen its multi-billion-dollar clean energy portfolio.
The oil-to-retail conglomerate said in its regulatory filing to the stock exchanges today that Reliance New Energy Solar Ltd (RNESL), - a wholly-owned unit of Reliance, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of GBP 100 million.
The renewable energy arm will invest an additional GBP 25 million as growth capital to accelerate the commercial roll-out, the company said in its statement.
Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. The firm has a competitively superior, strategic, and extensive IP portfolio, covering several aspects of sodium-ion technology.
