Industry

Reliance to acquire 5% in British start-up Vakt

New vistas: Reliance said the investment would help it participate in the area of blockchain solutions.

New vistas: Reliance said the investment would help it participate in the area of blockchain solutions.   | Photo Credit: AMIT DAVE

Board approves issuance of NCDs worth ₹20,000 crore

Reliance Industries (RIL) is in discussions to acquire 5% equity stake in Vakt Holdings Limited (VHL) - U.K., a closely-held start-up entity engaged in the technology space, for about $5 million.

“The said investment is subject to completion of due diligence and negotiation of definitive documentation,” said a company statement.

Tech for energy markets

The proposed strategic investment would accelerate Reliance’s digital journey, through active participation in an emerging area for blockchain-enabled technology solutions for energy markets, the company said in a statement.

“The proposed investment does not fall within related party transaction and none of RlL’s promoter [or] promoter group [or] group companies have interest in VHL,” said the statement, adding that further disclosures as may be required under SEBI regulations would be made at the appropriate time. Meanwhile, at its meeting held on Friday, the RIL board approved the issue of non-convertible debentures (NCDs) of up to ₹20,000 crore. “The NCDs will be allotted in one or more tranches,” said RIL in a filing with the exchanges.

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Printable version | Apr 2, 2020 3:24:23 AM | https://www.thehindu.com/business/Industry/reliance-to-acquire-5-in-british-start-up-vakt/article24542237.ece

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