Reliance New Energy Solar Ltd, a wholly owned subsidiary of Reliance Industries Ltd, will acquire 100% shareholding in sodium-ion battery developer Faradion Limited (earlier post) for an enterprise value of £100 million (US$135 million). In addition, RNESL will also invest £25 million (US$34 million) as primary investment as growth capital.
The proceeds from the issuance of the notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law, the company said.