Acquisitions29 Oct 2024, 11:21 pm
Reliance Industries Acquires 100% Stake in Faradion Limited
AI Summary
Reliance Industries Ltd. has announced that its wholly-owned subsidiary, Reliance New Energy Limited (RNEL), has acquired the remaining 7.99% equity stake in Faradion Limited from existing shareholders. This acquisition makes Faradion a wholly-owned subsidiary of RNEL. The transaction is not a related party transaction and did not require any governmental or regulatory approvals. The acquisition was completed on October 28, 2024, as per the disclosure made by the company today at 10:17 a.m. (IST).
Key Highlights
- Reliance Industries Ltd. has acquired 100% stake in Faradion Limited through its wholly-owned subsidiary, Reliance New Energy Limited.
- The acquisition was completed on October 28, 2024, and Faradion Limited has now become a wholly-owned subsidiary of Reliance New Energy Limited.
- The transaction is not a related party transaction and did not require any governmental or regulatory approvals.
- The acquisition was intimated by Reliance New Energy Limited today at 10:17 a.m. (IST).
- This acquisition is a significant step in Reliance's strategic growth in the energy sector.