The headquarters of the multinational Indian conglomerate Reliance Industries Limited (RIL) are located in Mumbai. Retail, telecommunications, mass media, natural gas, petrochemicals, energy, and textiles are all part of RIL’s varied business portfolio. Reliance, which ranks among the top Fortune Global 500 companies with yearly revenue of over $100 billion, is the largest Indian company in terms of revenue and the largest publicly traded company in the subcontinent by market capitalization.
Reliance New Energy Solar Ltd. (RNESL), a wholly-owned subsidiary of Reliance Industries, has purchased the remaining equity stake of about 8% in Faradion Limited, a well-known supplier of sodium-ion battery technology. Completed on October 28, 2024, this deal gives RNESL complete ownership of Faradion.
On October 28, 2024, RNEL notified the company that it had purchased the remaining equity stake from Faradion’s current shareholders. Faradion is now a fully-owned subsidiary of RNEL as a result of this acquisition,” Reliance Industries said on Tuesday, October 29.
RNESL invested £25 million as growth capital in the company, and Reliance first declared its interest in Faradion in December 2021. The acquisition was valued at £100 million.
Faradion was established in 2011 to create sodium-ion technology. The first business of the new millennium to recognize and take advantage of sodium ions’ potential in a rechargeable battery was Faradion. Faradion can solidify its position as the industry leader in non-aqueous sodium-ion batteries by obtaining more patents in this field than rival Na-ion businesses. Faradion has the people, investors, and partners to capitalize on a multitude of business opportunities in addition to its vast IP portfolio.
Sodium-ion batteries from Faradion are acknowledged as cutting-edge technology and a crucial component of the solution for more affordable, environmentally friendly energy. Compared to lithium-ion batteries, faradion batteries are less expensive, safer, and have a higher energy density and a wider operating temperature range. To illustrate the cost, safety, and performance benefits of our technology in practical applications, our licensees and partners are currently producing our sodium-ion batteries.
The stock of Reliance Industries Ltd. is currently trading at Rs. 1,342.75 per share, having reached a high of Rs. 1347 and a 52-week high of Rs. 1,608.80.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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