Reliance Industries announced acquisition of Faradion

For consideration of USD GBP 94.42 mn

Reliance Industries announced that its subsidiary, Reliance New Energy Solar has entered into an agreement with Faradion and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GBP 94.42Mn based on an enterprise value of GBP 100Mn as follows:

(a) 88.92% of the equity shares of Faradion for an aggregate consideration of GBP 83.97Mn at closing which is expected in early January 2022.

(b) 11.08% of the equity shares of Faradion within 3 years from closing for an aggregate consideration of up to GBP 10.45Mn.

RNESL has also agreed to subscribe to new equity shares of Faradion for an aggregate consideration of GBP 31.59Mn, of which GBP 25Mn is as growth capital for accelerating commercial roll out and the balance for repayment of debt and other fees.

Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has competitively superior, strategic, wide-reaching and extensive IP portfolios covering several aspects of sodium-ion technology.

Reliance will use Faradion's state-of-the-art technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.

Faradion is a private limited company incorporated on 06 August 2010 in the United Kingdom. The turnover of Faradion for FY 2020, FY 2019 and FY 2018 was GBP 197,561, GBP 81,975and GBP 25,669 respectively. The objects and effects of the aforesaid acquisition are explained in the media release dated December 31, 2021 already filed by the Company on the subject.

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