Reliance Industries (RIL) has entered into a definitive agreement with Breakthrough Energy Ventures (BEV) for an investment up to $50 million. This capital contribution commitment constitutes 5.75 per cent of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years.
"The Company has entered into a definitive agreement, for making capital contribution, up to $50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America," RIL said in an exchange filing on Thursday.
With this investment, Mukesh Ambani has joined the likes of Bill Gates, Jeff Bezos, Michael Bloomberg, Jack Ma, Masayoshi Son, and other high-value investors who have invested in the fund.
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. BEV will invest the funds raised from the investors to support innovation in clean energy solutions. The aim of the fund is to invest in companies working toward net-zero emissions.
The results of these efforts would have significant relevance for India and are expected to benefit the entire mankind and also provide good returns to the investors, RIL said. The transaction is subject to approval from Reserve Bank of India.
The investment does not fall within related party transactions and none of RIL's promoter, promoter group or group companies has any interest in the transaction, the company clarified.