RIL arm buys a 23.3% stake in Exyn Technologies in the United States for $25 million
- ByStartupStory | December 23, 2022
For $25 million, RIL’s subsidiary Reliance Strategic Business Ventures purchased a 23.3% share in Exyn Technologies Inc., situated in the United States (about Rs 207 crore). Exyn is a major autonomous technology company that allows drones and robots to explore tough terrains without the use of GPS or other navigation technologies.
“Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited, has today acquired a 23.3% stake in Exyn Technologies Inc. for a total consideration of $25 million,” RIL said in a filing on Thursday. Exyn, founded in 2014, is an early-stage technology business based in Philadelphia, Pennsylvania.
“RSBVL and Exyn have also entered into a strategic partnership agreement for technology collaboration and commercialization of Exyn’s technology,” the filing said. RIL already owns a majority stake in Addverb Technologies, a robotics company, and Asteria Aerospace, a drone company.
The RSBVL investment and partnership in Exyn will have synergies with Reliance’s investments and strategic initiatives in drones, industrial safety and security, and robotics, while also accelerating Exyn’s product and technology development across multiple application areas and commercialization, according to the company.
Reliance Projects and Property Management Services, a subsidiary of telecom giant Jio, has completed a 100% equity acquisition in Reliance Infratel for about Rs 3,725 crore, Reliance Industries Limited announced on Thursday.
Jio, led by billionaire Mukesh Dhirubhai Ambani, paid Rs 3,720 crore in November 2019 to acquire the debt-ridden unit of his younger brother Anil Ambani’s enterprise Reliance Communications.
RIL said in a regulatory filing that RITL allotted to RPPMSL 50 lakh equity shares of Rs 10 each for Rs 5 crore in cash and 372 crore in zero coupon optionally fully convertible debentures of Rs 10 each for Rs 3,720 crore in cash.
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