Reliance Industries Ltd (RIL) said it has entered into definitive agreements for acquiring 79.4 percent stake in SenseHawk Inc, a California-based solar energy management software developer, for $32 million (Rs 255 crore) via primary and secondary purchases.
In filings with exchanges dated September 5, RIL said that the transaction is expected to be completed before 2022 end, subject to regulatory and other customary closing conditions.
The investment in SenseHawk is part of the conglomerate's foray into new energy and “will be synergistic and create unique solutions with higher value to customers”, the filing added.
SenseHawk, founded in 2018, helps companies accelerate solar power projects by streamlining processes and automation.
The turnover for FY22, FY21 and FY20 was $2,326,369, $1,165,926, and $1,292,063 respectively.Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries (RIL) is the sole beneficiary.