Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidy of Reliance Industries Limited (RIL), has invested Rs 20 crore in Neolync Solutions Private Limited.
Another Rs 40 crore worth of investment is expected to be completed by March 2023 following the completion of agreed milestones, RIL said in a stock exchange filing.
"The aforesaid investment is part of group’s overall 5G initiatives and commitment to Government of India’s ‘Made in India’ initiatives for fostering indigenous manufacturing especially in next gen 5G technologies," RIL said.
The total investment into Neolync will translate to 40 percent of equity share capital in the company on a fully paid-up and diluted basis.
Neolync's business activities
Neolync and its subsidiaries and associate companies are engaged in India-based manufacturing of electronic products such as mobile phones, telecom products and computing devices.It is currently an early-stage company with an income of Rs 3.26 crore, the stock exchange filing said.