Reliance Industries has invested $50 million in Breakthrough Energy Ventures, a climate change company owned by Microsoft co-founder Bill Gates.
In a filing to stock exchanges, Reliance said it will make the investment in tranches over the next eight to 10 years.
"The capital contribution commitment of $50 million constitutes 5.75 percent of the size of the fund contemplated at present," the company said.
The transaction is subject to approval from the Reserve Bank of India (RBI).
The oil-telecom-to-retail conglomerate said it has "entered into a definitive agreement, for making a 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."
Breakthrough Energy Ventures is attempting to find solutions to the climate crisis through breakthrough energy and agriculture technologies. It will invest the funds raised, to support innovation in clean energy solutions.
"The said investment will be made in tranches over the next 8-10 years," it said.
BEV, the filing said, 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."
Mukesh Ambani
Earlier this year, Bengaluru-based edtech startup Embibe raised funding of Rs 89.91 crore from existing investor and shareholder Reliance Industries.
At a premium of Rs 1,000 per share, a total of 8,99,198 cumulative compulsorily convertible preference (CCCP) shares were allotted to the shareholder, according to the company's RoC filings.
The company had invested also rupee equivalent of $180 million in the startup over a period of three years.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Link : https://yourstory.com/2020/11/reliance-invest-50-mn-bill-gates-breakthrough-energy-ventures
Author :- Press Trust of India ( )
November 14, 2020 at 11:24AM
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