Reliance Industrial Investments & Holdings ('RIIHL'), a wholly-owned subsidiary of Reliance Industries ('RIL' or the 'Company') has entered into a agreement for acquisition of equity shares of Reverie Language Technologies ('Reverie') for a cash consideration not exceeding Rs 190 crore. RIIHL will further invest an amount not exceeding Rs 77 crore. The said investment upon completion will translate into 83.30% equity capital in Reverie on a fully diluted basis. The total investment is likely to be completed by March 2021.
Reverie is a language technologies development company, incorporated on 12 November 2009. Reverie is engaged in the business of developing end-to-end voice technology stack for delivering a complete multilingual user experience. Reverie would work in collaboration with Reliance ecosystem for integrating its services in the various existing digital consumer platforms of the group.
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