Energy Reliance Industries, Reliance New Energy Limited (RNESL), has signed a definitive agreement to acquire 100% shares in Faradion limited to 100 million pounds (more than 10 billion rupees), Indian conglomerate said on December 31.
“Reliance New Energy Solar Limited (RNESL), a company that is fully owned by the company, has signed an agreement with Faradion Limited (Faradion) and its shareholders to obtain 100% of Faradion’s equity shares through a total total value. GBP 94.42MN based on the value of GBP 100mn company. … “Ril Said in the submission of the Stock Exchange.
RIL subsidiaries will get 88.92% of Faradion’s equity shares for aggregate considerations of 83.97 million (INR 8.43 million) at closure, which is expected in early January 2022, according to regulations. The remaining 11.08% of Faradion’s equity shares will be obtained in 3 years from closing for aggregate considerations of up to 10.45 million pounds (INR 1.04 billion), he added.
Reliance New Energy Solar has also agreed to subscribe to Faradion’s new equity stocks for aggregate considerations of 31.59 million pounds (INR 3.17 billion), where 25 million pounds (INR 2.5 billion) are the capital of growth to accelerate roll out and The Excomer balances payment of debt and other costs.
This announcement is in line with ambitious ambitious plans to invest RS 75,000 Crore for the next three years to build a new clean energy business aimed at RIL commitment to become net carbon neutral in 2035. The plan puts three parts-rs 60,000 core investment in four Giga factory that will produce and fully integrate all important components for business; Investment in RS 15,000 other Crore in building future chain, partnership and technology development.