You are here: Home » Companies » News
Will Reliance's FMCG entry be another Nirma moment?
Kalpataru Power bags Rs 1,345 cr orders for pipeline, metro electrification
Business Standard

Reliance Industries to acquire 79.4% stake in US-based SenseHawk for $32 mn

California-based SenseHawk, which was founded in 2018, is an early-stage developer of software-based management tools for the solar energy generation industry

Reliance Industries | Green energy | acquisition

BS Web Team  |  New Delhi 

Reliance Industries

has acquired a majority stake of 79.4 per cent in US-based SenseHawk Inc through primary infusion and secondary purchase, for $ 32million, the company said in a filing.

California-based SenseHawk, which was founded in 2018, is an early-stage developer of software-based management tools for the generation industry. SenseHawk helps accelerate solar projects from planning to production by helping streamline processes and use automation. It provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle, the filing said.

Chairman and Managing Director of Mukesh Ambani said, “We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionize the sector and has a vision to enable 100 GW of by 2030. In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE for solar projects globally and make the go-to source of power in lockstep with our vision for solar energy. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold.”
Also Read: Reliance aims to double its value in 5 years as it gets future-ready

The turnover of SenseHawk for FY2022, FY2021 and FY2020 was US$ 2,326,369, US$ 1,165,926, and US$ 1,292,063 respectively., according to the filing by .

Sensehawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers. The objects and effects of the aforesaid are explained in the media release dated September 5, 2022 already filed by the Company on the subject. The does not fall within the related party transactions and none of RIL’s promoter/ promoter group/group have any interest in the above entities, the release added.

Commenting on the partnership, Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, “Rahul Sankhe, Karthik Mekala, Saideep Talari, Viral Patel and I collaborated with a vision to impact all of the processes in the solar lifecycle. We are delighted with the confidence that RIL has demonstrated in us with this investment. The SenseHawk team foresees strategic value in working with RIL, as one of the largest global infrastructure corporations, and look forward to this next phase in our growth.”

The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.

Covington & Burling LLP and Khaitan & Co. acted as the legal advisors and Deloitte as the accounting and tax advisor to RIL on this transaction.

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Tue, September 06 2022. 07:54 IST