Reliance Industries announced on Tuesday that Reliance New Energy Limited (RNEL), its wholly owned subsidiary, has completed the acquisition of the remaining 8% equity share in Faradion Limited, a leading sodium-ion battery technology company.
Currently, RNEL holds 92.01% equity stake in Faradion Limited. With this recent acquisition, RNEL will now have full ownership of Faradion Limited, making it a wholly-owned subsidiary under its umbrella. This move further solidifies RNEL's position in the energy sector and demonstrates Reliance Industries' commitment to investing in innovative technologies.
"Reliance New Energy Limited (“RNEL”) (formerly known as Reliance New Energy Solar Limited), a wholly-owned subsidiary of the Company, presently holds 92.01% equity stake in Faradion Limited (“Faradion”). RNEL has informed the Company that it has on October 28, 2024 acquired the balance equity stake from the existing shareholders of Faradion. With this acquisition, Faradion has now become a wholly-owned subsidiary of RNEL. The acquisition is not a related party transaction and none of the Company’s promoter /promoter group / other group companies have any interest in the above transaction. No governmental or regulatory approvals were required for the above transaction," the company said in a regulatory filing.
Reliance initially expressed interest in Faradion in December 2021, announcing their acquisition valued at £100 million. RNESL also committed £25 million as growth capital in the company.
Faradion, headquartered in Sheffield and Oxford, UK, offers access to high-density, sustainable, and cost-effective battery technology. RNESL plans to leverage Faradion's cutting-edge technology in their proposed fully-integrated energy storage gigafactory, as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.