Index heavyweight Reliance Industries (RIL) has entered into a definitive agreement, for making capital contribution, up to $50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, located in United States of America.
The capital contribution commitment of $50 million constitutes 5.75% of the size of the fund contemplated at present. The investment will be made in tranches over the next 8-10 years. The transaction is subject to approval from Reserve Bank of India (RBI).
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, RIL said.
The announcement was made after market hours yesterday, 12 November 2020. Shares of Reliance Industries (RIL) are trading 0.81% higher at Rs 1,995.90 on BSE.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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