Reliance Retail buys 54% in Addverb Tech

January 19, 2022 02:47 am | Updated 02:47 am IST - NEW DELHI

Reliance Retail has acquired a 54% stake in domestic robotics company Addverb for $132 million (about ₹983 crore), a senior official of the robotic firm said Tuesday.

Addverb Technologies co-founder and CEO Sangeet Kumar said that the company would continue to operate independently and use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida. “The strapartnership will help us leverage 5G and battery technology via new energy initiatives,” he added.

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