Reliance Venture Asset Management along with an affiliate of GE has invested in the first round of funding of AllGreen Energy Ltd, a renewable energy firm in the biomass space. The deal would help AllGreen fund its first project will be located in Perundurai, Tamil Nadu. Though the deal size was not disclosed, it is reportedly pegged around Rs 60-70 crore.
The deal is the first investment by Reliance Venture Asset Management, the corporate venture capital arm of Reliance ADA Group. Bangalore-based AllGreen builds biomass gasification power plants that utilize agricultural waste to generate power. Its first project in Tamil Nadu which will use three of GEDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
