Reliance Industries to invest almost 371 crore in Bill Gates' Venture

In this context, Reliance said that an agreement has been reached between the two companies regarding this investment.

Yogita S.

Yogita S.By Yogita S.

Published on 13 Nov 2020 1:26 PM GMT

Reliance Industries to invest almost 371 crore in Bill Gates Venture
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New Delhi: Reliance Industries Ltd (RIL), the country's most valuable company and Mukesh Ambani-led, will invest US $ 50 million in Breakthrough Energy Ventures Ltd II LP (BEV) in market terms. Breakthrough Energy Ventures is led by Microsoft founder Bill Gates. Reliance gave this information in a regulatory filing.

Reliance to invest in Bill Gates venture

In this context, Reliance said that an agreement has been reached between the two companies regarding this investment. This investment will be made in installments over the next eight to 10 years.

Indeed, Breakthrough Energy Ventures aims to find solutions to the climate crisis by investing in revolutionary technologies of energy and agriculture. In view of this, the company will invest the capital raised from investors to support innovation in Clean Energy Solutions.

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Further, Reliance said that this investment will be of great importance to India. Not only this, it will also give good returns to the investors. It is known that the approval of the Reserve Bank of India (RBI) is mandatory to complete this transaction. This investment does not include the benefit of Reliance promoters or group companies. Please tell that Mukesh Ambani has been advocating clean sources of energy for a long time. So this investment is being done.

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Relating to the estimates of analysts and market pundits, Reliance Industries Ltd (RIL) on Friday showed a net profit of Rs 9,567 crore in its quarterly results. Although 15% lower than the year-ago quarter, Bloomberg's analyst survey is much higher.

A Bloomberg analyst survey estimated a profit of around Rs 9,017 crore. The consolidated net profit of the company once again crossed the Rs 10,000 crore mark. Consolidated net profit was up 28 per cent over the previous quarter to Rs 10,602 crore.

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Yogita S.

Yogita S.

Media Graduate, News Editor and PR Enthusiast.

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