Reliance Industries who majored in energy-to-telecom sector, announced it on Thursday that it will invest around $50 million in Breakthrough Energy Ventures, a group which is led by Microsoft Founder Bill Gates.
Reliance Industry said in a regulatory filing that,” The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years”. After this investment RIL CEO Mukesh Ambani has joined the favour team of Bill Gates, Jeff Bezos, Michael Bloomberg, Jack Ma, Masayoshi Son, and other high-value investors who have invested in the fund.
BEV seeks to find solutions to the climate crisis by flexible investment to develop breakthrough energy and agriculture technologies. BEV will invest the funds raised from the investors to support innovation in clean energy solutions. The aim of the fund is to invest in companies working toward net-zero emissions.
RIL said, the results of these efforts would have significant relevance for India and are expected to benefit the entire mankind and also provide good returns to the investors. The transaction is yet subject to approval from Reserve Bank of India.
RIL made it clear that the investment does not fall within related party transactions and none of RIL’s promoter or promoter group or group companies have any interest in the transaction.
Reliance Industries Limited is an Indian multinational conglomerate company headquartered in Mumbai, India. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Founder of RIL is Dhirubhai Ambani and the CEO for the Industry is Mukesh Ambani since 31 July 2002 till present.
Bill Gates and a coalition of private investors concerned about the impacts of accelerating climate change; Breakthrough Energy supports the innovations that will lead the world to net-zero emissions. They established it in the year 2015.
Bill gate says, “More than anything, we will succeed because of the network of partners we bring to this effort. The investors, philanthropists, corporate and policy leaders who are part of the Breakthrough Energy ecosystem – it will take all of us to compel the major market changes we need to create the future we want for the world.