Mukesh Ambani-led Reliance New Energy Limited (RNEL) has acquired the remaining 8% equity stake in Faradion Limited, a prominent sodium-ion battery technology company, achieving full ownership of the firm. Prior to this acquisition, RNEL held a 92.01% stake in Faradion, which will now operate as a wholly-owned subsidiary of RNEL. This move strengthens RNEL’s role in the energy sector and highlights Reliance Industries' dedication to investing in innovative technology solutions.
In a regulatory filing, Reliance Industries stated, "Reliance New Energy Limited (“RNEL”) (formerly known as Reliance New Energy Solar Limited), a wholly-owned subsidiary of the Company, presently holds 92.01% equity stake in Faradion Limited (“Faradion”). RNEL has informed the Company that it has on October 28, 2024, acquired the balance equity stake from the existing shareholders of Faradion. With this acquisition, Faradion has now become a wholly-owned subsidiary of RNEL. The acquisition is not a related party transaction and none of the Company’s promoter / promoter group / other group companies have any interest in the above transaction. No governmental or regulatory approvals were required for the above transaction."
Reliance initially expressed interest in Faradion in December 2021 with an acquisition deal valued at £100 million, alongside a £25 million commitment as growth capital. Based in Sheffield and Oxford, UK, Faradion offers access to high-density, sustainable, and cost-efficient battery technology. RNESL plans to integrate this advanced technology within its proposed fully-integrated energy storage gigafactory, part of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. Reliance initially expressed interest in Faradion in December 2021.
