Indian conglomerate Reliance Industries Limited (RIL) said on Friday its solar unit would buy UK sodium ion battery technology company Faradion for 100 million pounds ($135 million) including debt.
Reliance New Energy Solar Limited a wholly owned subsidiary of the company, said it would acquire the equity shares of Faradion through secondary transactions based on an enterprise value of 100 million pounds,” RIL said in a stock exchange filing.
The RIL subsidiary will acquire 88.92% of the equity shares of Faradion at closing, which is expected in early January 2022, according to the filing.
The remaining 11.08% will be acquired within three years.
James Quinn, Faradion chief executive, said India was an important part of the company’s future.
“India forms a large part of our future growth in creating sodium-ion battery solutions for energy storage, electric vehicles and other applications,” he said.
Quinn praised Indian prime minister Narendra Modi at the closing of the COP26 climate conference last month.
“As the first big announcement of COP26, PM Modi’s speech marked a clear increase in climate ambition by India and augurs well for its energy security,” Quinn said.
“To aim for net zero by 2070, India’s emissions could peak around 2030, which is good news for the world,” he added.
India, he said, has the lowest per capita emissions of the world’s major economies – 5% of the total – despite being home to 17% of the world’s population.
- George Russell
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