1. Home
  2. Business
  3. Reliance new energy solar acquire UK’s battery tech provider Faradion for £100 million

Reliance new energy solar acquire UK’s battery tech provider Faradion for £100 million

By Priyanka Verma 
Updated Date

Reliance Industries’ clean energy arm, Reliance New Energy Solar Limited (RNESL), has signed definitive agreements to acquire 100% stake in Faradion Limited for 100 million pounds (over 10 billion rupees), the Indian conglomerate said on December 31.

Also Read :- GST collection rises 28% to ₹1.49 lakh cr in july 2022, 2nd highest ever

In its regulatory filing, the company said “the Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of the Reliance Industries, 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.”

The regulatory filing said, “88.92% of the equity shares of Faradion for an aggregate consideration of GBP 83.97Mn at closing which is expected in early January 2022. 11.08% of the equity shares of Faradion within 3 years from closing for an aggregate consideration of up to GBP 10.45Mn.”

RNESL has also agreed to subscribe to new equity shares of Faradion for an aggregate consideration of GBP 31.59 million, of which GBP 25 million is as growth capital for accelerating commercial roll out and the balance for repayment of debt and other fees, it said.

With its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies and is based out of Sheffield and Oxford in United Kingdom. As Faradion has competitively superior, strategic, wide-reaching and extensive IP portfolios covering several aspects of sodium-ion technology, Reliance will use it at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.

Also Read :- OMCs cut Jet fuel price by 2.2% on Fall in International Crude, rates come off Peak, big relief for airline

The acquisition is not a related party transaction and none of RIL’s promoter, promoter group, group companies have any interest in the entities involved in the transaction and the transactions will not require any government or regulatory approval, it added.

Further reading:
For the latest news and reviews, follow us on Facebook, YouTube and Twitter पर फॉलो करे...