Mukesh Ambani’s clean energy vision gets a New Year boost with the acquisition of this UK battery tech company
- Mukesh Ambani’s
Reliancehas acquired UK battery maker Faradion.
- The acquisition is valued at £100 million, expected to be completed by January 2022.
- This is in line with the company’s clean energy vision, especially after the Saudi Aramco deal fell apart.
AdvertisementMukesh Ambani’s Reliance Industries (RIL) is looking beyond oil for its future, and after announcing its ₹75,000 crore clean energy vision earlier this year, the company has taken the first concrete step forward with the acquisition of Faradion, a UK-based battery technology company.
Reliance New Energy Solar, a subsidiary of Reliance Industries has entered into an agreement to acquire a 100% stake in UK’s Faradion Limited, a sodium ion battery technology provider.
Reliance has agreed to acquire the company at £100 million (approx. ₹1,004 crore) as per a stock exchange filing.
The company will acquire 88.92% of equity shares of Faradion for an aggregate consideration of £83.97 million (approx. ₹840 crore) at closing, which is expected to be completed in January 2022.
Shares of Reliance Industries were up by 0.8% as of 10:00 a.m., today, December 31.
The 11.08% stake will be acquired within three years from closing the deal at a consideration of up to £10.45 million (approx. ₹104 crore).
In addition to this, Reliance New Energy Solar will also subscribe to new shares and infuse £31.59 million (approx. ₹32 crore) in Faradion in the form of equity and cash, as the British battery company expands its commercial rollout.
In line with Mukesh Ambani’s renewable energy vision for Reliance
The acquisition of Faradion is in line with
Earlier this year, Ambani reiterated Reliance Industries’ ₹75,000 crore investment plan in the renewable energy sector. This includes setting up four giga factories at an outlay of ₹60,000 crore, and ₹15,000 crore towards setting up value chain, partnerships and more.
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