A subsidiary of Mukesh Ambani's Reliance Industries has acquired the remaining equity stake of about 8% in Faradian Limited. Let us tell you that Faradion is a British company, which works in sodium-ion battery technology. Reliance had already acquired it but a small stake remained, which it now bought and fully owned.
Reliance has entered into this deal through its company – Reliance New Energy Solar Limited (RNESL). Let us tell you that Reliance New Energy Solar Limited will use Faradian's state-of-the-art technology in its proposed energy storage gigafactory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar.
Reliance Industries said it has acquired the remaining equity stake from Faradian's existing shareholders on October 28, 2024. With this acquisition, Faradian is now a wholly owned subsidiary. Reliance expressed interest in Faradian in December 2021. The acquisition price of this company was £100 million and Reliance invested £25 million in the company as an investment.
Let us tell you that the share price of Reliance Industries was Rs 1338.95 on Tuesday. The stock closed up 0.35% from a day earlier.
Recently, an agreement was signed between industrialist Mukesh Ambani's Reliance Industries and American chip manufacturing giant Nvidia. The deal is to build artificial intelligence (AI) infrastructure in India. This partnership will be an important step towards making India a leading country in the field of AI.
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