Reliance Industries Limited to acquire 79.4% stake in SenseHawk

Reliance Industries Limited has entered into definitive agreements with SenseHawk Inc. (SenseHawk) for acquiring 79.4% stake of SenseHawk, through primary infusion and secondary purchase, for a total consideration of USD 32million.

Founded in 2018, SenseHawk is an early-stage California-based developer of softwarebased management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle.

The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was US$ 2,326,369, US$ 1,165,926, and US$ 1,292,063 respectively.

Sensehawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers. The objects and effects of the aforesaid acquisition are explained in the media release dated September 5, 2022 already filed by the Company on the subject.

The acquisition does not fall within the related party transactions and none of RIL's promoter / promoter group / group companies have any interest in the above entities.

The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before end 2022.

Source : Equity Bulls

Keywords

RelianceIndustries RIL Agreement Acquisition SenseHawk SolarEnergyGeneration SoftwareManagementTools