Reliance Industries Ltd (RIL) is acquiring a majority stake in California-based solar energy generation software developer Sense Hawk for $32 million (around Rs 256 crore).
Founded in 2018, Sense Hawk develops tools for the solar industry to help companies streamline processes and use automation. It had a turnover of $2.3 million in the last financial year. The acquisition of a 79.4per cent stake in Sense Hawk is part of its big push into clean energy where it has already announced an investment of Rs 75,000 crore over three years.
RIL said in a statement that it has “signed definitive agreements to acquire a majority stake in Sense Hawk Inc for a total transaction value of$32 million, including funding for future growth, commercial rollout of products and R&D.” It added that Sense Hawk, along with other investments in new energy, will be synergistic and create unique solutions with higher value to customers.
