Reliance will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage gigafactory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar. Reliance New Energy Solar Ltd, a Reliance Industries subsidiary, has acquired 100% shareholding in UK-based firm Faradion Limited for GBP 100 million. Reliance will spend an additional GBP 25 million to accelerate its rollout, Reliance Industries said in a press release. Faradion Limited is a leading global battery technology firm that has patents on sodium-ion battery technology. The Sheffield and Oxford-based firm have a wide range of IP portfolios covering several aspects of sodium-ion technology. The technology provides next-generation, high density, safe, sustainable, and low-cost energy storage technology solutions, the company said. Reliance will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar, the Mukesh Ambani-led firm said. On the acquisition, Ambani said, "We welcome Faradion and its experienced team to 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." Ambani also said that Faradion's technology will help secure India's energy storage requirements for its fast-growing renewable energy and EV charging market. Mukesh Ambani has seen the succession battle from very close quarters. In 2002, when his father died without writing a will, he was locked in one such bitter confrontation with his brother Anil Ambani. After over three years of the face-off, a family pact divided the Reliance businesses between the two brothers. So now, at 64, Ambani doesn’t want to take any chances. About a month ago, several reports had surfaced that the Reliance chairman was planning to move his family’s holding into a trust-like structure. Like what some other billionaire families like Waltons and Kochs did. Now, Ambani has hinted that the preparatory phase for handing over the baton of his business empire to his three kids is coming to an end. His children have been increasingly playing more visible roles at the company - from speaking about the future roadmap at AGMs to brokering billion-dollar deals. And he chose his father’s birth anniversary, December 28, to make the big announcement. The family marks the day as Reliance Family Day. In what cements the future roles of his three Ivy League-educated children Isha, Akash, and Anant at Reliance, Ambani said he had no doubt they would lead Reliance to even greater heights. It is the first time that Ambani has spoken publicly about succession planning at his $215 billion business empire. While he has not disclosed any timeline to step back from his responsibilities, the latest speech shows that the time for his children to take up major roles at Reliance is almost here after years of grooming. Now, Ambani has hinted that the preparatory phase for handing over the baton of his business empire to his three kids is coming to an end. His children have been increasingly playing more visible roles at the company - from speaking about the future roadmap at AGMs to brokering billion-dollar deals.
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