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RIL buys controlling stake in drone startup Asteria Aerospace

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Reliance Industries (RIL)'s subsidiary, Reliance Strategic Business Ventures (RSBVL), acquired 57.18% equity stake in Asteria Aerospace for Rs 23.12 crore.

RSBVL proposed to make a further investment of up to Rs 125 crore provided Asteria Aerospace achieves set milestones. The further investment is expected to be completed by December 2021. Post the further investment, RSBVL's shareholding will increase to 87.3% of the equity share capital of Asteria.

Asteria Aerospace was incorporated in India on 6 June 2011. It is a full-stack drone technology company with in-house drone manufacturing capabilities and also offers software solutions to provide actionable insights from aerial data, intending to deliver "drone-as-a-service" digital platform. It has operations in India. The announcement was made after trading hours yesterday, 13 December 2019.

RIL on Thursday, 12 December 2019, announced that its subsidiary, Reliance Strategic Business Ventures (RSBVL), acquired 85% stake in NowFloats Technologies for Rs 141.63 crore.

Nowfloats Technologies was incorporated in India on Wednesday, 9 May 2012. It offers Software as a service (SaaS) solutions to Small and Medium Enterprises (SMEs) that enable them to get a digital presence. The other solutions of the firm include local content discovery platform, online business management suite, website promotion/marketing solutions, and various other offerings for SMEs. It has operations in India.

RSBVL plans to make an investment of up to Rs 75 crore, subject to achieving set milestones. The additional investment is expected to be completed by December 2020. Post the further investment, the shareholding of RSBVL would increase to 89.66% of the equity share capital of Nowfloats Technologies.

Shares of RIL rose 0.95% to Rs 1582.45 on Friday. In the past one month, the stock jumped 8.13% to its previous day's closing price at Rs 1,582.45.

RIL's consolidated net profit soared 18.3% to Rs 11,262 crore on 3.6% rise in net sales to Rs 1,48,526 crore in Q2 September 2019 over Q2 September 2018.

RIL is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic and synthetic rubber in primary forms.

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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, December 14 2019. 14:15 IST
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