NOVEMBER 13, 2020
Reliance Industries Limited (RIL) has made a capital contribution of up to $50 million in Breakthrough Energy Ventures, a climate change company owned by Microsoft co-founder Bill Gates.
“The Company has entered into a definitive agreement, for making capital contribution, up to USD 50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America,” the Indian conglomerate in a regulatory filing on Thursday.
“The capital contribution commitment of $50 million 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,” it added.
The transaction is subject to approval from the Reserve Bank of India (RBI).
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. It will invest the funds raised from the investors to support innovation in clean energy solutions, the filing said.
“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,” it said.
Courtesy/Source: The Statesman
