Last Updated : Sunday, December 15, 2019 21:42:40

RELIANCE acquires 51.78% stake in drone tech co – Asteria Aerospace

MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory update submitted to the Indian Stock Exchanges, Mumbai headquartered Indian Conglomerate Reliance Group’s parent company Reliance Industries Ltd said of having acquired 51.78% stake in Asteria Aerospace Pvt Ltd for 231 million (~23 crore) rupees.

Asteria Aerospace is a drone technology company incorporated in India in year 2011 and the RIL’s stake acquisition in the Asteria Aerospace is done via its strategic business ventures arm – Reliance Strategic Business Ventures Ltd, a wholly owned subsidiary of Reliance Industries Ltd.

The press-release as submitted by the company to the Indian Bourses – titled, “Investment in Asteria Aerospace Private Limited” further read that, Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly-owned subsidiary of Reliance Industries Limited (“RIL” or the “Company”) has acquired equity shares of Asteria Aerospace Private Limited (“Asteria”) for a cash consideration of INR 23,12,49,584/- (Indian Rupees twenty three crore twelve lakh forty nine thousand five hundred eighty four only).

The said investment represents 51.78% holding in the equity share capital of Asteria.

RSBVL proposes to make a further investment of up to INR 125 crore (Indian Rupees one hundred twenty five crore only), subject to Asteria achieving agreed milestones.

The further investment is expected to be completed by December 2021.

Post the further investment, the shareholding of RSBVL will increase to 87.3% of the equity share capital of Asteria.

Asteria, incorporated in India on June 6, 2011, is a full-stack drone technology company with in-house drone manufacturing capabilities, and also offers software solutions to provide actionable insights from aerial data, intending to deliver “droneas-a-service” digital platform.

It has operations in India.

Asteria is an early stage company, with turnover of INR 1.96 crore, INR 2.04 crore and INR 1 Lakh in FY 2019, FY 2018 and FY2017 respectively, and Net Profit (Loss) of INR (12.71) crore, INR (2.47) crore and INR (2.43) crore in FY 2019, FY 2018 and FY 2017 respectively.

The aforesaid investment will further enable the group’s initiatives 1n emerging technology.

No governmental or regulatory approvals were required for the said investment.

The investment does not fall within related party transactions and none of RIL’s promoter / promoter group / group companies have any interest in the transaction.

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