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Reliance Industries' solar arm will buy sodium ion battery technology provider Faradion for 100 million pounds including debt. "Reliance New Energy Solar Limited, a wholly owned subsidiary of the company, has entered into an agreement with Faradion (Faradion) and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GBP 94.42 million based on an enterprise value of GBP 100 million," the company said in a filing. Faradion, which is based in the UK, is one of world's leading battery technology companies. It boasts of an extensive IP portfolio covering many aspects of sodium-ion technology.