RIL makes clean energy move with $50 million deal
Reliance Industries NSE 0.02 % (RIL) has made its first strategic move in the renewable energy sector, with an investment of $50 million in US-based energy storage company Ambri Inc, and is in talks with it to manufacture batteries in India, the Mukesh Ambani-led conglomerate said late on Monday.
Ambri got a total $144 million from RIL subsidiary Reliance New Energy Solar Ltd, US-based investment firm Paulson & Co, tech mogul Bill Gates and other strategic investors. RIL will acquire 42.3 million shares of preferred stock in the company.
