Mukesh Ambani’s Reliance Industries Ltd. has inked a pact to acquire a majority stake in California-based startup SenseHawk Inc., continuing its investments in clean energy.
The oil-to-telecom conglomerate has signed a contract to buy a 79.4% stake in SenseHawk for $32 million via primary infusion and secondary purchase, according to an exchange filing on Tuesday.
In March, Reliance, through its new energy unit, acquired assets of Lithium Werks BV for $61 million, including funds for potential growth.
The assets comprise the entire patent portfolio of Lithium Werks BV, its manufacturing unit in China, key business contracts, and hiring of existing employees.
The company has also inked a memorandum of understanding with the Gujarat government to invest Rs 5.95 lakh crore in green energy and other projects.
In March, the company had acquired an 89% equity stake in Purple Panda Fashions Pvt. the owner of Clovia brand with an investment of Rs 950 crore.
In April, Reliance Brands had signed contracts to invest in Abu Jani Sandeep Khosla couture brand for a 51% majority stake.
Reliance As Part Of Its Expansion