Reliance Industries’ subsidiary -- Reliance Retail has acquired 54 percent stake in domestic robotics company Addverb for $132 million (about Rs 983 crore). The company will continue to operate independently and will use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida.
The strategic partnership with Reliance Retail will help leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fiber) to deliver more advanced and affordable robots.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
