Reliance Industries Acquires Full Ownership of Faradion Limited
Reliance Industries Limited (RIL) announced on Tuesday, October 28, 2024, that its wholly-owned subsidiary, Reliance New Energy Limited (RNEL), has completed the acquisition of the remaining 8% equity stake in Faradion Limited, a leading sodium-ion battery technology company.
This acquisition makes Faradion Limited a wholly-owned subsidiary of RNEL, further solidifying RNEL's position in the energy sector and demonstrating Reliance Industries' commitment to investing in innovative technologies.
RNEL initially acquired a 92.01% stake in Faradion Limited in December 2021 for £100 million, with an additional £25 million committed as growth capital. This latest acquisition marks the completion of the full ownership transfer.
Faradion, headquartered in Sheffield and Oxford, UK, offers access to high-density, sustainable, and cost-effective battery technology. RNEL plans to leverage Faradion's cutting-edge technology in their proposed fully-integrated energy storage gigafactory, part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.
This move signifies Reliance Industries' continued focus on clean energy solutions and its commitment to developing innovative technologies for a sustainable future.