Reliance Technology Ventures unveils growth strategy for 2010

Rebrands as ‘Reliance Venture Asset Management Ltd’

Expands focus to fast growing sectors beyond technology

Plans to invest 50 mn USD in deals in H1 2010

Mumbai, 3^rd March, 2010: Reliance Technology Ventures Ltd, the corporate venture capital arm of the Reliance ADA Group today announced that it is rebranding the company

as ‘Reliance Venture Asset Management Ltd.’ (www.relianceventure.com), with immediate effect. This development reflects and signifies the company’s revamped strategy and vision for future to target sectors beyond its erstwhile focus of technology enabled businesses.

Since its inception in early 2006, the company has advised and / or invested in deals to the tune of over $4 billion. Going forward, the company will look at opportunities in disruptive and sustainable companies following a sector, stage and geography agnostic investment approach.

Speaking on the company’s new strategy, Harshal J. Shah, CEO, Reliance Venture Asset Management Ltd. averred, “Over the last four years of existence, we have successfully established our niche as India’s leading corporate VC company exploiting investment opportunities globally and in India, especially in technology enabled companies. Today the global VC industry is at an inflection point with the emergence of exciting prospects in newer and fast growing sectors. Being opportunistic in our philosophy, we have revamped our strategy to exploit the investing potential in sectors such as clean technology, aerospace, defence, media and entertainment in addition to our mainstay of technology enabled companies. In line with this strategy, we are expected to close 3-6 deals in H1 2010 worth a cumulative investment of USD 50 million.”

In a sector, where historically, global VCs have forayed into India for investment opportunities, Reliance Venture Asset Management has, in a reversal of sorts, successfully invested in the US, France and other countries apart from leveraging opportunities in India. The company’s global investment portfolio comprises of promising companies such as Yatra.com, Suvidhaa Infoserve, Stoke Inc, Pelago Inc, Sequans Communications, E-Band Communications, Seedfund and two MIT-startups, Dhama Innovations and Scalable Display Technologies.

The company was recently ranked 30th in the Red Herring Top 100 Global Venture Capital Firms out of 1800 VC firms in 32 countries and was the only India based corporate VC company to feature in the ranking. The company also received the ‘Excellence Award’ from the Institute of Economic Studies, one of India's premier research institutes.

About Reliance Venture Asset Management Ltd

Reliance Venture Asset Management Ltd is the corporate venture capital arm of the Reliance ADA Group. Since its inception in early 2006, the company has advised and / or invested in deals to the tune of over $4 billion. Stage, geographic and sector agnostic in its investment philosophy, Reliance Venture Asset Management has a global portfolio to its credit and has invested in promising companies such as India's largest online travel portal, Yatra.com, Suvidhaa Infoserve, Stoke Inc, Pelago Inc, Sequans Communications, E-Band Communications, Seedfund and two MIT-startups, Dhama Innovations and Scalable Display Technologies. Some of the transactions they had advised the Reliance ADA Group on include the $300 million all-cash acquisition of San Francisco-based, Yipes Inc. by Reliance Communications, $82 million acquisition of UK-based, Vanco plc, and eWaveWorld, a $500 million initiative to bring 3G and 4G to 50 countries around the world by 2012. Headed by Mr. Harshal J. Shah, an MBA alumnus of Wharton School of Business, a Truman Gray Scholar with dual degrees from MIT, and an Andover Scholar from Phillips Academy in Andover, USA, the company comprises of professionals who bring over 50 years of cumulative experience and a solid academic base (MBAs - Ivy League, Technologists from premier Indian & International Universities & Chartered Accountants). The company was recently ranked 30th in the Red Herring Top 100 Global Venture Capital Firms in 2009 and was the only India based corporate VC company to feature in the ranking.

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Shahnaz Jain (+91 9867589827) / Disha Hoskote (+91 9769690512

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