Reliance Industries picks 5.56% stake in tech start-up for %5 million

Reliance Industries said on Saturday it has acquired 5.56 per cent equity stake in technology start-up Vakt Holdings Ltd, UK (VHL), for $5 million (approx Rs 350 million)

Reliance Industries, in a regulator filing, said it has acquired the equity stake in VHL, a closely held start up entity engaged in the technology space, for cash aggregating to $5 million.

VHL is a consortium of leading global energy majors, commodity traders and banks with a vision to digitise the global commodities trading industry, creating a secure, trusted ecosystem, powered by block chain.

"The strategic investment accelerates Reliance's digital journey, through active participation in an emerging and evolving, yet promising, block chain enabled technology solution for energy markets," the company said.