Reliance Industries Limited (RIL) announced on Monday that it has signed an agreement with California-based solar energy software developer SenseHawk to acquire a majority stake in the company. The deal is worth $32 million (roughly Rs. 260 crore), "including funding for future growth, commercial rollout of products, and R&D." Reliance expects to complete the takeover by the end of this year. This deal is seemingly in line with the conglomerate's aggressive push for renewable energy. SenseHawk has reportedly assisted 15 in adopting new technology for their over 600 sites and assets totalling over 100GW.
RIL issued a statement on Monday confirming its $32 million deal with SenseHawk for a 79.4 percent stake in the company.
Chairman and Managing Director of Reliance, Mukesh Ambani, spoke on the acquisition expressing RIL's commitment to revolutionise the Green Energy sector. He envisions enabling over 100GW of solar energy by the end of 2030.
SenseHawk is a California-based software developer that specialises in making software-based management tools for the solar industry. Previously, SenseHawk has helped over 140 customers in 15 countries in adopting new technologies for their assets totalling over 100GW.
This acquisition is subject to regulatory and customary closing conditions, however, is expected to be completed before the end of 2022.
Affiliate links may be automatically generated - see our ethics statement for details.