Reliance Industries Ltd.

Reliance Industries’ (RIL) wholly-owned subsidiary -- Reliance Industrial Investments and Holdings (RIIHL) has entered into an agreement for acquisition of equity shares of Reverie Language Technologies for a cash consideration not exceeding Rs 190 crore.

RIIHL will further invest an amount not exceeding Rs 77 crore. The said investment upon completion will translate into 83.30% equity capital in Reverie on a fully diluted basis. The total investment is likely to be completed by March 2021.

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.