Mumbai headquartered Reliance Industries Limited has acquired 5.56% stake in UK-based tech startup Vakt Holdings Ltd, UK (VHL) for a deal worth $5 million (35 crore). The details on the same have come out after the firm has their regulator filing updated.
In a press release Reliance said, "No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in VHL." Vakt Holdings Limited, the London-based firm digitizes trading solutions with the help of blockchain technology. The firm says that unlike other companies, VHL wants to transform the full trade lifecycle.
The firm had partnered with nine leading energy companies and banks that plan to use the blockchain technology to bring out solutions for the age-old problems around the world. BP, Shell and Statoil, trading houses Koch Supply & Trading and Mercuria, and banks ABN Amro, ING and Societe Generale are involved with Vakt Holdings in development of the platform which will be used for oil and gas trading as well.
Talking about the idea of the investment in the segment Reliance said, "The strategic investment accelerates Reliance’s digital journey, through active participation in an emerging and evolving, yet promising, blockchain enabled technology solution for energy markets."
The Indian conglomerate has made few interesting bets in the last few months in the tech industry. It had acquired US-based SkyTran in October and before that, it had infused capital in AI company Netradyne in September for $8 million.
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