Reliance Industries to invest up to $50 million in Breakthrough Energy

Reliance Industries Limited (RIL) announced on Thursday that it has entered into a definitive agreement for making capital contribution of up to $50 million in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, the US.

The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present, said the company in a regulatory filing.

The said investment will be made in tranches over the next 8-10 years. BEV 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.

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/promoter group/group companies have any interest in the transaction.

--IANS

san/arm