Reliance New Energy Solar Limited (RNESL), will buy Faradion Ltd for 100 mn pounds. Faradion is one of the leading global battery technology companies based out in the UK.
Big plans
Faradion has superior, strategic, wide-reaching and extensive IP portfolios. It covers several aspects of sodium-ion technology. Reliance will use Faradion’s proposed fully integrated energy storage giga-factory. This is as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar. The acquisition is not a related party transaction and the transactions will not require any government or regulatory approval, a regulatory filing said.
