Reliance Industries arm invests in Neolync

Reliance Strategic Business Ventures Limited ("RSBVL"), a wholly owned subsidiary of Reliance Industries Limited ("RIL" or the "Company"), has invested INR 20 crores (Indian Rupees Twenty crores) in equity shares of Neolync Solutions Private Limited ("Neolync").

A further investment of up to INR 40 crore (Indian Rupees Forty Crore only), subject to Neolync achieving agreed milestones, is expected to be completed by March 2023. The total investment will translate into 40% of equity share capital in Neolync on a fully paid up and diluted basis.

Neolync was incorporated in India on 14th October 2019. Neolync and its subsidiaries and associate companies are engaged in India based manufacturing of electronic products such as mobile phones, telecom products and computing devices etc.

Neolync is an early stage company with Income of INR 3.26 crore and Net Loss of INR (1.03) crore for FY2021 and Net Loss of INR (2.39) crore for the period October 2019 to March 2020.

The aforesaid investment is part of group's overall 5G initiatives and commitment to 'Government of India's 'Made in India' initiatives for fostering indigenous manufacturing especially in next gen 5G technologies.

No governmental or regulatory approvals are required for the said investment. 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.

Shares of Reliance Industries Ltd was last trading in BSE at Rs. 2133.3 as compared to the previous close of Rs. 2103.55. The total number of shares traded during the day was 357064 in over 16820 trades.

The stock hit an intraday high of Rs. 2154.6 and intraday low of 2104.3. The net turnover during the day was Rs. 759437091.

Source : Equity Bulls

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