Reliance Industries enters deal to purchase majority stakes of Faradion Ltd
Indian multinational conglomerate company Reliance Industries Ltd has entered into a deal to acquire UK sodium-ion battery technology developer Faradion Ltd. through its solar unit Reliance New Energy Solar Ltd (RNESL).
RNESL will initially purchase an 88.92% stake for an aggregate value of GBP83.4 million (US$113.93 million) while the remaining 11.08% of equity shares will be purchased for GBP10.45 million (US$14.28 million) within the three years after the closing of the first transaction.
Faradion develops batteries and other materials for stationary storage and electric vehicles. It has an extensive IP portfolio that covers several aspects of its patent that provide significant advantages compared to alternative batteries.
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