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RIL arm acquires 23.3% stake in US-based Exyn Technologies for $25M

RIL’s arm Reliance Strategic Business Ventures has acquired 23.3% stake in US-based Exyn Technologies Inc for $25 million (about Rs 207 crore).

Exyn is one of the leading autonomy technology companies, which enables drones and robots to navigate difficult terrains without GPS or other navigation technologies.

“Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited, has today acquired 23.3% stake in Exyn Technologies Inc for a total consideration of $25 million,” RIL said in a filing on Thursday.

Founded in 2014, Exyn is an early-stage technology company with headquarters in Philadelphia, Pennsylvania.

“RSBVL and Exyn have also entered into a Strategic Partnership Agreement for technology collaboration and commercialization of Exyn’s technology,” the filing said.

RIL already holds a majority stake in robotics company Addverb Technologies and drone firm Asteria Aerospace.

The investment and partnership by RSBVL in Exyn will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation, it added.

In another development, Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has completed 100% stake acquisition in Reliance Infratel for about Rs 3,725 crore, Reliance Industries Limited said on Thursday.

Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre assets of the debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.

RIL, in a regulatory filing, said RITL allotted to RPPMSL 50 lakh equity shares of Rs 10 each for cash aggregating to Rs 5 crore; and 372 crore zero coupon optionally fully convertible debentures of Rs 10 each, for cash aggregating to Rs 3,720 crore.

Edited by Kanishk Singh

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