New Delhi,31/12: Reliance New Energy Solar Limited (RIL), a subsidiary of Reliance Industries Limited (RIL), will acquire sodium-ion cells maker Faradion Limited under the expansion plan. Reliance New Energy Solar Limited will acquire 100 percent stake in this company worth 100 million British pounds (GBP). In addition, RNESL will also invest 25 million GBP as growth capital for expansion of new business.
Faradion Limited is one of the world’s top manufacturers of sodium-ion batteries. Faradion, a UK-based manufacturer of sodium-ion cells, had initially said it was exploring manufacturing opportunities in India. The company says that the technology of sodium-ion battery is better than lithium-ion battery. It can revolutionize the automobile, storage and mobile sectors across the world.