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Last Updated : Mar 10, 2018 03:44 PM IST | Source: PTI

Reliance Retail acquires 16% stake in US-based KTI for $7 mn

The company acquired 19,04,781 shares of KTI, mobile operating system provider, at USD 3.675 per share, Reliance Retail said in a statement.

 
 
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Reliance Retail, a subsidiary of Reliance Industries Limited (RIL) acquired 16 per cent stake of US-based KaiOS Technologies Inc (KTI) for cash aggregating to USD 7 million (about Rs 45 crore).

The company acquired 19,04,781 shares of KTI, mobile operating system provider, at USD 3.675 per share, Reliance Retail said in a statement.

The aforesaid investment has potential synergies with the company's current investments in affordable digital devices business and also with the digital services initiatives of RIL and its subsidiaries, it said.

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Reliance Retail is into retail business and operates a chain of neighbourhood stores, supermarkets, wholesale cash and carry stores and specialty stores.

KTI is an emerging mobile operating system technology provider incorporated in the State of Delaware, USA.

KTI's flagship product 'KaiOS' originates from the Firefox open-source project. KaiOS combines the capabilities of a smartphone with the affordability of a basic handset.

KaiOS's web-based operating system enables a new category of digital devices (mobile and other IoT devices) that requires limited memory.

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First Published on Mar 10, 2018 03:36 pm
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