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Reliance Industries to acquire Reverie Language Technologies for Rs 190 cr

Business Finance

Capital Market 

Reliance Industrial Investments & Holdings ('RIIHL'), a wholly-owned subsidiary of Reliance Industries ('RIL' or the 'Company') has entered into a agreement for acquisition of equity shares of Reverie Language Technologies ('Reverie') for a cash consideration not exceeding Rs 190 crore. RIIHL will further invest an amount not exceeding Rs 77 crore. The said investment upon completion will translate into 83.30% equity capital in Reverie on a fully diluted basis.

The total investment is likely to be completed by March 2021.

Reverie is a language technologies development company, incorporated on 12 November 2009. Reverie is engaged in the business of developing end-to-end voice technology stack for delivering a complete multilingual user experience. Reverie would work in collaboration with Reliance ecosystem for integrating its services in the various existing digital consumer platforms of the group.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, February 23 2019. 17:02 IST