Mumbai-headquartered oil-to-telecom conglomerate Reliance Industries is set to invest up to $50 million in Bill Gates-owned Breakthrough Energy Ventures.
The capital contribution commitment of $50 million constitutes 5.75% of the size of the fund contemplated at present, RIL said in a regulatory filing.
The Mukesh Ambani-led company also said that the 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. The company 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 provide good returns to the investors.
According to the filing, 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.
Established in 2015 by billionaire philanthropist Bill Gates, Breakthrough Energy Ventures is a global group of 28 high net-worth investors from ten countries committed to funding clean energy companies.