RIL made $3 billion acquisitions in three years to boost offerings

Mumbai: Reliance Industries Ltd (RIL) has made acquisitions worth $3 billion in the past three years to boost product offerings of its subsidiaries—Reliance Jio Infocomm Ltd and Reliance Retail Ltd, among others.

Last month, RIL’s wholly owned subsidiary Reliance Strategic Business Ventures Ltd (RSBVL) acquired a 51.78% stake in robotics and artificial intelligence company Asteria Aerospace Pvt. Ltd for ₹23.12 crore. Asteria develops drone-based solutions to provide intelligence from aerial data for military and industrial applications. It had received India’s first drone licence in October 2019.

In December, RSBVL also acquired a 85% stake in NowFloats Technologies Pvt. Ltd for ₹141.63 crore with a proposal to make further investments of up to ₹75 crore, subject to achieving agreed milestones.