Reliance Industries introduced on Tuesday that Reliance New Vitality Restricted (RNEL), its wholly owned subsidiary, has accomplished the acquisition of the remaining 8% fairness share in Faradion Restricted, a number one sodium-ion battery know-how firm.
Presently, RNEL holds 92.01% fairness stake in Faradion Restricted. With this latest acquisition, RNEL will now have full possession of Faradion Restricted, making it a wholly-owned subsidiary beneath its umbrella. This transfer additional solidifies RNEL’s place within the vitality sector and demonstrates Reliance Industries’ dedication to investing in revolutionary applied sciences.
“Reliance New Vitality Restricted (“RNEL”) (previously often known as Reliance New Vitality Photo voltaic Restricted), a wholly-owned subsidiary of the Firm, presently holds 92.01% fairness stake in Faradion Restricted (“Faradion”). RNEL has knowledgeable the Firm that it has on October 28, 2024 acquired the stability fairness stake from the present shareholders of Faradion. With this acquisition, Faradion has now turn out to be a wholly-owned subsidiary of RNEL. The acquisition will not be a associated social gathering transaction and not one of the Firm’s promoter /promoter group / different group firms have any curiosity within the above transaction. No governmental or regulatory approvals had been required for the above transaction,” the corporate mentioned in a regulatory submitting.
Reliance initially expressed curiosity in Faradion in December 2021, asserting their acquisition valued at £100 million. RNESL additionally dedicated £25 million as progress capital within the firm.
Faradion, headquartered in Sheffield and Oxford, UK, affords entry to high-density, sustainable, and cost-effective battery know-how. RNESL plans to leverage Faradion’s cutting-edge know-how of their proposed fully-integrated vitality storage gigafactory, as a part of the Dhirubhai Ambani Inexperienced Vitality Giga Complicated venture at Jamnagar.
