RIL arm acquires 51.78 pc stake in Asteria Aerospace for Rs 23.12 Cr
Reliance Strategic Business Ventures Ltd. proposes to make a further investment of up to Rs 125 crore, subject to Asteria achieving agreed milestones and is expected to be completed by December 2021.
Reliance Industries on Friday said its wholly-owned subsidiary Reliance Strategic Business Ventures Ltd (RSBVL) has acquired over 51 percent stake in Asteria Aerospace for Rs 23.12 crore.
"RSBVL has acquired equity shares of Asteria Aerospace for a cash consideration of Rs 23,12,49,584. The said investment represents 51.78 percent holding in the equity share capital of Asteria," Reliance Industries Ltd (RIL) said in a BSE filing.
The investment will further enable the group's initiatives in emerging technology, it added.
RSBVL proposes to make a further investment of up to Rs 125 crore, subject to Asteria achieving agreed milestones, and is expected to be completed by December 2021, it said.
"Post the further investment, the shareholding of RSBVL will increase to 87.3 percent of the equity share capital of Asteria," it added.
On Thursday, RSBVL had said it has picked up 85 percent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore.
Asteria, incorporated in India in June 2011, is a full-stack drone technology company with in-house drone manufacturing capabilities, and also offers software solutions to provide actionable insights from aerial data, intending to deliver "Drone-as-a-Service" digital platform.
An early-stage company, Asteria had a turnover of Rs 1.96 crore in 2018-19.
Earlier this week, Reliance Strategic Business Ventures Limited, announced that it has acquired SaaS platform NowFloats Technologies.
Reliance acquired equity shares of NowFloats for a cash consideration of Rs 141 crore (approx). According to a statement issued by the company, the investment represents 85 percent holding in the equity share capital of Nowfloats.
The fresh investment will enable Nowfloats' digital and new commerce initiatives. On achieving milestones that are discussed internally, Reliance will be further pumping in an investment of up to Rs 75 crore, by December 2020.
Over the past year, Reliance has been acquiring startups to build out its digital ecosystem.
Earlier in May 2019, at the company's 40th Annual General Meeting, Mukesh Ambani reiterated his commitment to entrepreneurs and startups when he said,
“Just as Reliance became known in the past 40 years as a company that won the trust of millions of retailers, it will be known in the coming decade as an enterprise with lakhs of partners and an enabler of a large ecosystem of entrepreneurs.”
(Edited by Suman Singh)