Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), is acquiring 100 per cent in Faradion Ltd (Faradion) for an enterprise value of £100 million or Rs 1,003 crore. Faradion is a battery technology firm based out of Sheffield and Oxford in the UK.
The acquisition is in line with massive growth plans that RIL has in clean energy. It has already struck a few deals that included a $45 million investment in NexWafe GmbH which makes photovoltaic solar wafers and a co-operation agreement with Denmark-based Stiesdal A/S (Stiesdal) for technology development, and manufacturing of the latter’s hydrogen electrolysers in India.
