Energy-to-telecom major Reliance Industries on Thursday said that it will invest up to $ 50 million (Rs 371 crore) in Breakthrough Energy Ventures II LP (BEV). The Group is spearheaded by Microsoft Founder Bill Gates.
“The capital contribution commitment of $ 50 million constitutes 5.75 per cent of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years,†RIL said in a regulatory filing.
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. The company 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 transaction is subject to approval from the Reserve Bank of India. The investment does not fall within related party transactions and none of RIL’s promoter or promoter group or group companies have any interest in the transaction.
