Reliance Industries Acquired Faradion Limited For 10 Billion

Reliance New Energy Solar Limited (RNESL) is clean energy arm of Reliance Industries. RNESL has signed agreements to acquire 100% stake in Faradion Limited for Rs 10 Billion.

Reliance Industries Limited said, “Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of the Company, has entered into an agreement with Faradion Limited (Faradion) and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GBP 94.42Mn based on an enterprise value of GBP 100Mn…”

RIL will close the deal in January 2022 where it will acquire 88.92% of the equity shares of Faradion for Rs 8.43 billion. Company will acquire the rest 11.08% stakes will over a time period of three years for another Rs 1.04 billion.

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Vision Of Reliance Industries Limited

Billionaire Mukesh Ambani has ambition to build a clean energy business and make RIL carbon neutral by 2035. Ambani is planning to invest Rs 75000 crores over a period of three years. The plan is to invest Rs 60000 crore in establishing 4 giga factories that will do manufacturing of all crucial components. For building supply chain, future technology and partnership Company will make another investment of Rs 15000 crore.

RIL is planning to use state of art technology developed by Faradion at its giga factories. It is part of Dhirubhai Ambani Green Energy Giga Complex Project in Jamnagar, Gujarat.

Mukesh Ambani, Chairman of RIL said, “This will further strengthen and build upon our ambition to create one of the most advanced and integrated new energy ecosystem and put India at the forefront of leading battery technologies. The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly cost competitive. In addition, it has wide use applications from mobility to grid scale storage and back-up power.”

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