Reliance share rise after subsidiary signs pact to buy 100% of UK’s Faradion

Reliance share rise after subsidiary signs pact to buy 100% of UK’s Faradion

Reliance Industries Ltd (RIL) share price rose in early trade today after the company's subsidiary signed definitive agreements to acquire 100 percent of sodium ion battery tech provider Faradion.

Reliance New Energy Solar (RNESL) will acquire 100% of Faradion for an enterprise value of 100 million pounds.

Under the deal, RelianceNew Energy Solar (RNESL) will subscribe to new equity shares of Faradion for 31.59 million pounds, of which 25 million pounds will be used as growth capital for accelerating commercial rollout and the balance for repayment of debt and other fees.

Reliance Industries Ltd (RIL) will use Faradion’s technology at its proposed fully integrated energy storage giga-factory which is part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.

Also Read : Reliance Industries Ltd (RIL) firing on all cylinders. Can the momentum sustain?

“We welcome Faradion and its experienced team to the Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated new energy ecosystems and put India at the forefront of leading battery technologies," said Mukesh Ambani, chairman of Reliance's Industries.

At 09:17 hrs. Reliance's Industries was quoting at Rs 2,373.05, up Rs 16.60 or 0.70 percent on the BSE.

Comments

Post a Comment

Popular posts from this blog

Stocks in today's news: Bharti Airtel, Tech Mahindra, HDFC Bank and others

Image
  Stocks in today’s News: Check out the companies making the biggest headlines before the stocks market open. Results on October 26 :  Stocks in today’s News  Axis Bank, Kotak Mahindra Bank, Bajaj Finance, ABB India, Cipla, Ambuja Cements, Asahi Songwon Colors, Best Agrolife, Birlasoft, Canara Bank, Central Bank of India, Century Enka, Cera Sanitaryware, Coromandel Engineering, Gati, Greaves Cotton, Greenlam Industries, Hikal, IRB Infrastructure Developers, Jindal Stainless, Dr Lal PathLabs, Mahindra Lifespace Developers, Meghmani Finechem, Mahanagar Gas, Meghmani Organics, Mangalore Refinery & Petrochemicals, Nippon Life India Asset Management, Persistent Systems, PI Industries, Sharda Cropchem, Shiva Cement, Surya Roshni, Symphony, Torrent Pharmaceuticals, Triveni Turbine, Wabco India, and Zensar Technologies will release September quarter earnings on October 26. Ceat :  The company reported sharply lower profit at RS 42 crore in Q2FY22 against RS 181.9 crore i...
Read more

LIC IPO : Dates, Issue Price, GMP, Subscription, Share Analysis and Allotment

Image
LIC IPO : LIC is the largest insurance provider company in India. It has a market share of above 66.2% in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity & pension products. As of 30 Sep 2021, it has a total AUM of Rs. 39 lakh crores. LIC operates through 2048 branches, 113 divisional offices, and 1,554 Satellite Offices. It operates globally in Fiji, Mauritius, Bangladesh, Nepal, Singapore, Sri Lanka, UAE, Bahrain, Qatar, Kuwait, and the United Kingdom. LIC appoints insurance veteran Sunil Agrawal as CFO Life Insurance Corp of India(LIC) has appointed Sunil Agrawal as the chief financial officer, according to people familiar with the matter, as the state-backed insurer prepares for the nation’s largest initial public offering (IPO). Agrawal’s appointment marks the first time LIC has hired an outsider for the...
Read more

Stocks that moved the most on February 25 : Gainers & Losers

Image
All the stocks ended in the green with PSU Bank, power, metal and realty indices rising between 4-6 percent. BSE midcap and smallcap indices rose 4 percent each. Benchmark indices snapped their seven-day losing streak on February 25 and gained over 2 percent amid supportive global markets and buying across the sectors. At close, the Sensex was up 1,328.61 points or 2.44% at 55,858.52, and the Nifty was up 410.40 points or 2.53% at 16,658.40 levels. Adani Power : CMP: Rs 123.30: The share price jumped 11 percent after the Supreme Court in a ruling ordered the Rajasthan-based three discoms to pay up the balance dues, in a legacy dispute over compensatory tariffs. The apex court held that the three Rajasthan discoms are in contempt of court, as they had not paid the dues despite their review petition having been dismissed earlier this year. The discoms had sought to review the order passed in 2020, which directed them to pay the compensatory tariff to Adani Power. Indus Towers : CMP: Rs ...
Read more