On Friday, Reliance Industries Limited (RIL) has announced its solar unit, Reliance New Energy Solar Limited (RNESL), will buy sodium-ion battery technology provider Faradion Ltd for 100 million pounds, including debt.

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In its regulatory filing, the company said, “the Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of the Reliance Industries, has entered into an agreement with Faradion Limited (Faradion) and its shareholders for acquiring 100 per cent 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.”