Reliance Industries (RIL) said that it will invest up to $50 million (Rs 371 crore) in Breakthrough Energy Ventures, a climate change company owned by Microsoft co-founder Bill Gates. Reliance Industries will make the investment in tranches over the next eight to 10 years and the transaction is subject to approval from the Reserve Bank of India.
“The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years,” RIL said in a regulatory filing.
Breakthrough Energy Ventures is attempting to find solutions to the climate crisis through breakthrough energy and agriculture technologies. It will invest the funds raised, 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," Reliance Industries added.
At 10:00 am, the shares of Reliance Industries were trading higher by 1.8 per cent at Rs 2,016 as against a 0.4 per cent decline in the benchmark indices.