RIL arm invests $16 million in US-based startup

Company invested in compulsorily convertible preferred shares of a technology startup

Reliance Industries has invested $16 million (about Rs 107 crore) in US-based tech start-up NetraDyne.

The company's wholly-owned subsidiary, "Reliance Industrial Investments and Holdings is investing $16 million in compulsorily convertible preferred shares of a technology startup, NetraDyne Inc, USA," it said in a stock exchange filing.

Half of the payment was done by May 30 and the next tranche will be done by May 30 next year.

According to the statement, on conversion of the investment or preferred shares, RIIHL will get 40% of the equity or 1.50 crore shares of NetraDyne.