Reliance Industries acquires UK-based Battery Technology Company, Faradion

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Reliance Industries acquires UK-based Battery Technology Company, Faradion
03 Jan 2022
3 min read

News Synopsis

Reliance Industries (RIL) is looking forward to expanding its business in clean energy. The company has acquired the UK based battery technology company, Faradion. Reliance New Energy Solar has signed an agreement to acquire all 100% stake in Faradion Limited. 

According to a Stock Exchange filing, the company has acquired the company at £100 million. The company will acquire 88.92% of equity shares of the company for an aggregate amount of £83.97 million at closing, which is expected to be closed in January 2022.

The acquisition is in line with Mukesh Ambani’s renewable energy vision for Reliance Industries, which he mentioned in the company’s annual event. 

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