RIL subsidiary acquires 37% stake in US based analytics biz tech start-up Netradyne

MUMBAI | RAJKOT – In an update submitted to the Indian Bourses today, Reliance Industries Ltd said of its subsidiary company having acquired 37% stake in a US (Delaware) based analytics business tech start-up Netradyne paying US$ 8 million (~581 million rupees) subscribing 4 million shares.

Reliance Industrial Investments and Holdings Limited (“RIIHL”), the wholly owned subsidiary of Reliance Industries Limited (“Company”) has subscribed to 40,58,647 Compulsorily Convertible Preferred Shares of NetraDyne Inc., USA (“NetraDyne”) at
USD 1.97110 per share, for cash aggregating to USD 8 million, an update read.

RIIHL had previously  invested USD 16 million in NetraDyne. RIIHL’s investment translates to about -37.4% equity stake on the basis of current fully diluted share capital.


ABOUT NETRADYNE

NetraDyne is an early stage technology start up incorporated in the State of Delaware in September 2015.

NetraDyne is a high-end technology driven product, deep learning solutions and vision based analytics business with focus on verticals such as fleet management, automotive, security and surveillance.

It has recently started commercializing its technology with select partners across the globe.

NetraDyne is an early stage revenue company, with turnover of USD 0.4 million in FY 2018.

The aforesaid investment has potential synergies with digital services and communications initiatives of RIL and its subsidiaries, apart from commercialization benefits in India.

All statutory I regulatory approvals have been obtained for this investment.

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


IMPACT ON THE SHARES

An announcement of the company having acquired 34% stake in US based analytics biz tech start-up hit the exchanges on Wednesday, when trading session on the Indian bourses was in full momentum, pre-lunch hours.

Traders & Investors seemed to have discounted the news of the company having brought stake in a US based analytics biz start-up, as the company shares witnessed a small dent and continued trading on low curve immediately after the announcement hit the exchanges in India on Wednesday.


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