Reliance Industries to invest USD 50 million in Bill Gates’ Breakthrough Energy

New Delhi: Reliance Industries Limited (RIL) announced on Thursday that it has entered into a definitive agreement for making capital contribution of up to $50 million in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, the US. Also Read – Delhi HC Seeks Amazon’s Reply on Future Retail Plea to Restrain it From Interfering in Reliance Deal

The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present, said the company in a regulatory filing. Also Read – Saudi Public Investment Fund to Invest Rs 9555 Crore in Reliance Retail Ventures

The said investment will be made in tranches over the next 8-10 years. BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. Also Read – Mukesh Ambani Loses $7 Billion as Oil Sinks Reliance Shares

BEV will invest the funds raised from the investors to support innovation in clean energy solutions. 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.

The transaction is subject to approval from the Reserve Bank of India. 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.