Biznext India : Mukesh Ambani controlled Reliance Industries Limited (RIL) today announced that it has acquired 5.56% equity stake (on fully diluted basis) in Vakt Holdings Limited, UK (VHL), a closely held start-up entity engaged in the technology space, for cash aggregating to USD 5 million.
VHL is a consortium of leading global energy majors, commodity traders and banks with a vision to digitize 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, blockchain enabled technology solution for energy markets.
The company has said that 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.