Reliance New Energy Solar Ltd. (RNESL), a wholly owned subsidiary of Reliance Industries Ltd., said it has signed definitive agreements to acquire 100% shareholding in Faradion Ltd. (Faradion) for an enterprise value of GBP 100 million (around ₹1,000 crore).
In addition, RNESL has also agreed to invest GBP 25 million as growth capital to accelerate commercial roll out.
“Based out of Sheffield and Oxford in U.K. and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology,” RIL said in a statement.