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RIL Made $3 Billion Acquisitions In Three Years To Boost Offerings

RIL Made $3 Billion Acquisitions

Published on January 23rd, 2020

Reliance Industries Ltd (RIL) has announced their acquisition of worth $3 billion through a press release.

RIL wholly-owned subsidiary Reliance Strategic Business Ventures Limited RSBVL), has acquired equity shares of Asteria Aerospace Private Limited (Asteria) for a cash consideration of Rs23.1cr. The investment represents 51.78% holding in the equity share capital of Asteria.”RSBVL has acquired equity shares of Asteria Aerospace for a cash consideration of Rs 23,12,49,584.

The investment represents 51.78 per cent holding in the equity share capital of Asteria,” Reliance Industries Ltd (RIL) said in a BSE filing. Reliance Industries Ltd (RIL) has gained profits worth $3 billion from the previous 3 years to promote Reliance Jio Infocomm Ltd and Reliance Retail Ltd, and the many others.

RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added.

Post the additional investment, the shareholding of RSBVL in NowFloats will increase to 89.66 per cent.Reliance Strategic Business Ventures Limited, claimed earier that it has acquired SaaS platform NowFloats Technologies.

As per a retail poll by Bank of America Securities,” RIL’s telecom venture has helped improve its own awareness for services.

The poll indicates that RIL’s consumer services’ understanding has increased with users considering it because a brand following the launching of Jio.

Mukesh Dhirubhai Ambani the chairman, managing director, and largest shareholder of Reliance Industries Ltd. said,“Just as Reliance became known in the past 40 years as a company that won the trust of millions of retailers, it will be known in the coming decade as an enterprise with lakhs of partners and an enabler of a large ecosystem of entrepreneurs.”