Asian Tech Press (Jan 04) -- India's richest man, Mukesh Ambani's Reliance Group, announced Friday that it will acquire British sodium-ion battery technology company Faradion Ltd. for 100 million pounds (about $135 million). This is the latest move by the oil and retail giant to accelerate its entry into the renewable energy sector.

Through its subsidiary Reliance New Energy Solar, Reliance will acquire 100 percent of Faradion and will invest 25 million pounds in the company to accelerate the commercial rollout of its products.

This is the sixth deal that Reliance has made in the renewable energy sector this year. Speaking at the company's annual general meeting in June this year, Ambani said it plans to invest more than $10 billion in this sector over three years, building solar modules, battery storage, electrolytic cells, and fuel cell plants.

Reliance, which currently still derives 60 percent of its revenue from fossil fuel-related businesses, plans to achieve net-zero emissions by 2035.

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