Reliance Industries has acquired 100% stake in battery technology company Faradion through its subsidiary. The company has informed the stock market about this today. According to Reliance Industries, its wholly-owned company Reliance New Energy Limited has acquired 100% stake in Faradion. With this acquisition, Faradion has become a wholly-owned subsidiary of Reliance New Energy Limited. Reliance Industries stock closed with gains in Tuesday's trading.

What information did the company give?

Reliance Industries said in the information sent to the stock market that the company's wholly-owned subsidiary Reliance New Energy Limited (RNEL) had a 92.01 percent stake in Faradion. RNEL has informed the company that on October 28, it has also acquired the remaining stake from the existing shareholders of Faradion. With this deal, Faradion has become a wholly-owned subsidiary of RNEL. RNEL was also earlier known as Reliance New Energy Solar Limited. On Tuesday, RIL's stock closed at 1339 with a gain of 0.35 percent. The deal was done at the end of the year 2021 On December 31, 2021, Reliance Industries had signed an agreement to buy 100 percent stake in Faradion. This agreement was done at an enterprise value of 100 million pounds. Reliance Faradion will also invest $ 25 million. Faradion is a battery technology company. The company's focus is on sodium ion technology. According to Faradion, this technology is better than lithium ion in many ways. This technology is low cost and has better performance. Its applications are in mobility, energy storage, backup power and energy in remote areas. (Disclaimer: Network18 and TV18 companies operate channels/websites which are controlled by Independent Media Trust, in which Reliance Industries is the sole beneficiary.