Reliance acquires 23.3% stake in Exyn Technologies, deal worth $25 million

highlights

Exyn is an early stage technology company.
Which was incorporated in 2014 in Delaware with its headquarters in Philadelphia, Pennsylvania, United States.
This enables the drone/robot to navigate through difficult terrain without GPS or other navigation technology.

new Delhi. Reliance Strategic Business Ventures (RSBVL), a subsidiary of Reliance Industries, on Thursday acquired 23.3% stake in Exyn Technologies (Exyn) for a total of $25 million. This deal will get a boost from Reliance’s investments and strategic initiatives in areas like drones, industrial safety and security and robotics. RIL gave this information in its exchange filing on Thursday.

RSBVL and Exyn entered into a strategic partnership agreement for technology collaboration and commercialization.

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Exyn is an early-stage technology company, incorporated in Delaware in 2014 with headquarters in Philadelphia, Pennsylvania, United States. Exyn is one of the leading autonomous technology company, which enables drones/robots to navigate difficult terrains without GPS or other navigation technology.

Reliance made another big deal
Apart from this, Reliance Projects and Property Management Services Limited (RPPMSL), a subsidiary of Reliance Jio, has also acquired 100 percent stake in Reliance Infratel for about Rs 3,725 crore. Reliance Industries Limited gave this information on Thursday. The National Company Law Tribunal (NCLT) had in November approved RPPMSL to acquire Reliance Infratel (RITL).

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RIL told the stock market that RITL on Thursday allotted 50 lakh equity shares of face value of Rs 10 each to RPPMSL. In addition, 372 crore zero coupons were issued, which are optionally fully convertible into debentures of Rs.10 each. The deal was done for Rs 3,720 crore.
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Tags: mukesh ambani, Reliance, Reliance industries

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