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.