Reliance to invest up to $50 M in Bill Gates' Breakthrough Energy Ventures
Reliance Industries Limited (RIL) owned by Billionaire Mukesh Ambani stated that it will invest up to $50 million (about Rs 371 crore) in Breakthrough Energy Ventures. The said investment will be made in tranches over the next 8-10 years.
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“The company has entered into a definitive agreement, for making capital contribution, up to $50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America,” Reliance Industries said.
The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present, it stated.
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. The company will infuse the funds raised from the investors to support innovation in clean energy solutions.
In a regulatory filing, the company said that 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 capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present.
The transaction is subject to approval from the Reserve Bank of India. The investment does not fall within related party transactions and none of RIL’s promoter or promoter group or group companies have any interest in the transaction, RIL concluded.
-PTC News
