Reliance Industries Ltd (RIL) share price rose in early trade today after the company's subsidiary signed definitive agreements to acquire 100 percent of sodium ion battery tech provider Faradion.
Reliance New Energy Solar (RNESL) will acquire 100% of Faradion for an enterprise value of 100 million pounds.
Under the deal, RNESL will subscribe to new equity shares of Faradion for 31.59 million pounds, of which 25 million pounds will be used as growth capital for accelerating commercial rollout and the balance for repayment of debt and other fees.
Reliance will use Faradion’s technology at its proposed fully integrated energy storage giga-factory which is part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.
“We welcome Faradion and its experienced team to the Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated new energy ecosystems and put India at the forefront of leading battery technologies," said Mukesh Ambani, chairman of Reliance Industries.
At 09:17 hrs Reliance Industries was quoting at Rs 2,373.05, up Rs 16.60 or 0.70 percent on the BSE.Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.