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Business News/ Companies / News/  RIL picks up 5.56% stake in tech startup for $5 million
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RIL picks up 5.56% stake in tech startup for $5 million

VHL, powered by blockchain, looks to digitise the global commodities trading industry

RIL chairman Mukesh Ambani. Photo: Abhijit Bhatlekar/MintPremium
RIL chairman Mukesh Ambani. Photo: Abhijit Bhatlekar/Mint

New Delhi: Reliance Industries on Saturday said it had acquired 5.56% equity stake in technology startup Vakt Holdings Ltd, UK (VHL), for $5 million (around 35 crore). VHL is a consortium of leading global energy majors, commodity traders and banks with a vision to digitise the global commodities trading industry, creating a secure, trusted ecosystem, powered by blockchain.

“The strategic investment accelerates Reliance’s digital journey, through active participation in an emerging and evolving, yet promising, block chain enabled technology solution for energy markets," the Mukesh Ambani-led company said in a regulatory filing.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Published: 22 Dec 2018, 09:09 PM IST
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