Reliance Industries Limited on Thursday announced that it is going to make a contribution of up to $50 million in Breakthrough Energy Ventures.
The investment constitutes 5.75% of the size of the fund contemplated at present, the Mukesh Ambani-led company said in a regulatory filing. "The said investment will be made in tranches over the next 8-10 years," it added.
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. The company will invest the funds raised from the investors 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.
The transaction is subject to approval from Reserve Bank of India. The investment does not fall within related party transactions and none of RIL’s promoter, promoter group, group companies have any interest in the transaction, it added.
Breakthrough Energy Ventures is a global group of 28 high net-worth investors from ten countries committed to funding clean energy companies emerging from the initiatives of Mission Innovation, which was also announced at the 2015 United Nations Climate Change Conference.
Established in 2015 by billionaire philanthropist Bill Gates and a coalition of private investors, Breakthrough Energy "supports the innovations that will lead the world to net-zero emissions."
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