Reliance Industries on Tuesday announced that its wholly owned subsidiary, Reliance New Energy Limited (RNEL) has acquired the remaining equity share of around 8 per cent in Faradion Limited, a sodium-ion battery technology company.
RNEL presently holds 92.01 per cent equity stake in Faradion Limited and post this, will acquire 100 per cent stake in Faradion Limited. With this acquisition, Reliance Industries said that Faradion will now become a wholly-owned subsidiary of RNEL.
“Reliance New Energy Limited (RNEL) (formerly known as Reliance New Energy Solar Limited), a wholly-owned subsidiary of the Company, presently holds 92.01 per cent 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,” it said in a regulatory filing.
RNEL had, in December 2021, announced the acquisition of Faradion at an enterprise value of GBP 100 million.
From: financialexpress
Financial News
