Reliance Industries’ wholly-owned subsidiary, Reliance Industrial Investments and Holdings (RIIHL), will make investments in three early stage software companies.
The company will make investments worth Rs 550 crore in Surajya Services, SankhyaSutra Labs and Reverie Language Technologies.
RIIHL has entered into an agreement for acquisition of equity shares of Surajya Services (Easygov), a software service and data solutions company, for a cash consideration not exceeding Rs 18 crore. RIIHL will further invest an amount not exceeding Rs 50 crore. The investment upon completion will translate into 76 percent equity stake in Easygov on a fully diluted basis. The total investment is likely to be completed by March 2021.
Easygov focuses on citizen-centric software solutions and services that help in improving convenience for people accessing and digitally applying for Government to Citizen (G2C) schemes and services.
RIIHL has entered into an agreement for acquisition of equity shares of SankhyaSutra (SSL) for a cash consideration not exceeding Rs 16.02 crore. The company will further invest an amount of up to Rs 200 crore. The total investment is likely to be completed by December 2021.The investment will translate into about 83 percent of equity capital in SSL on a fully diluted basis.
RIIHL inked pact for acquisition of equity shares of Reverie Language Technologies (Reverie), a language technologies development company, for a cash consideration not exceeding Rs 190 crore. The company will further invest an amount not exceeding Rs 77 crore. The investment upon completion will translate into 83.30 percent equity capital in Reverie on a fully diluted basis. The total investment is likely to be completed by March 2021.