Reliance
Reliance Industries to invest USD50 mn in BEV
Mumbai/UNI: Reliance Industries has entered into a definitive agreement, for making capital contribution, up to USD 50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America.
The capital contribution commitment of USD 50 million constitutes 5.75 pc of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years.
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. BEV will invest the funds raised from the investors to support innovation in clean energy solutions. The results of these efforts would have significant relevance for India and are expected to benefit the entire mankind and also provide good returns to the investors.
The transaction is subject to approval from Reserve Bank of India. The investment does not fall within related party transactions and none of RIL's promoter / promoter group / group companies have any interest in the transaction.
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