fbpx
  Previous   Next
HomeBusinessReliance To Acquire UK Based Battery Firm Faradion

Reliance To Acquire UK Based Battery Firm Faradion

Reliance Industries Limited announced on Friday its solar unit, Reliance New Energy Solar Limited (RNESL), will buy sodium-ion battery technology provider Faradion Ltd for 100 million pounds including debt.

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 the 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.

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.

More News

Sensex Sinks 1,546 Points, Nifty Ends Below 17,200

The sell-off continued on the fifth session on January 24 with benchmark indices losing nearly 3 percent each. At close, the Sensex was down 1,545.67...

Smriti Mandhana Named ICC Women’s Cricketer of The Year For 2021

India opening batter Smriti Mandhana on Monday won the Rachael Heyhoe Flint Award for the ICC Women's Cricketer of the Year for 2021. Despite...

Joe Root Named Men’s Test Cricketer of The Year For 2021

England captain Joe Root, as expected, won the ICC Men's Test Cricketer of the Year Award for 2021 after beating the likes of Kyle...

RELATED NEWS

Ola Electric Raises $200 Million To Reach $5 Billion Valuation

Ola Electric on Monday announced it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values...

PM Modi Tops List of Most Popular World Leaders In Morning Consult Survey

Prime Minister Narendra Modi has topped the global rating amongst world leaders with an approval rating of 71 per cent. On the list...

Sensex Slips 600 points, Nifty Ends Below 17,800

Benchmark indices ended lower on January 20 on the back of continues profit booking, with Nifty closing below 17800. At close, the Sensex was down...