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UK’s Faradion Ltd to be bought by Indian Conglomerate Reliance

On Friday 31 2021, Reliance Industries Limited, the Indian conglomerate is announced that Reliance New Energy Solar Limited (RNESL), will buy UK’s Faradion Ltd., a technology provider of sodium ion batteries. The deal will be for £100 million including Faradion’s debt.
The regulatory filings by the Reliance stated that its wholly owned subsidiary RNESL will be acquiring 100% equity shares of Faradion Limited (Faradion) including its shareholders. The secondary transaction will be done based on the enterprise value of 100 million GBP. It further detailed that Faradion’s 88.92% equity shares will be aggregated by considering the closing expected to be by January 2022, at £83.97 million, while remaining 11.08% equity shares will be acquired over next 3 years with aggregate closing consideration of £10.45 million.