Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of GBP 100 million, as the oil-to-retail conglomerate continued with the acquisition of end-to-end technology for its multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a unit of the nation’s most valuable company, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of GBP 100 million and will invest an additional GBP 25 million as growth capital to accelerate the commercial roll-out, the company said in a 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. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio, covering several aspects of sodium-ion technology.
Since October 10, India’s most valuable company through RNESL has made a wave of acquisitions and strategic investments to give shape to its green energy business that spans solar, battery and hydrogen investments.
