New Delhi, November 13
Reliance Industries (RIL) will invest $50 million in Breakthrough Energy Ventures, a climate change company owned by Microsoft co-founder Bill Gates.
In a filing to stock exchanges, Reliance said it will make the investment in tranches over the next 8 to 10 years. “The capital contribution commitment of $50 million constitutes 5.75% of the size of the fund contemplated at present,” the company said.
The transaction is subject to approval from the Reserve Bank of India (RBI).
The oil-telecom-to-retail conglomerate said it has “entered into a definitive agreement, for making a capital contribution, up to $50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America.” Breakthrough Energy Ventures is attempting to find solutions to the climate crisis through breakthrough energy and agriculture technologies. It will invest the funds raised, to support innovation in clean energy solutions.
“The said investment will be made in tranches over the next 8-10 years,” it said.
“BEV will invest the funds raised from the investors to support innovation in clean energy solutions,” it said. “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.” — PTI