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Reliance Retail acquires 16 pc stake in US-based KTI for USD 7 mn

Press Trust of India  |  New Delhi 

Retail, a subsidiary of Industries Limited (RIL) today acquired 16 per cent stake of US-based Technologies Inc (KTI) for cash aggregating to USD 7 million (about Rs 45 crore).

The company acquired 19,04,781 shares of KTI, mobile provider, at USD 3.675 per share, said in a statement.

The aforesaid investment has potential synergies with the company's current investments in affordable business and also with the digital services initiatives of RIL and its subsidiaries, it said.

is into business and operates a chain of neighbourhood stores, supermarkets, wholesale cash and carry stores and specialty stores.

KTI is an emerging mobile provider incorporated in the State of Delaware, USA.

KTI's flagship product 'KaiOS' originates from the Firefox open-source project. combines the capabilities of a with the affordability of a basic handset.

KaiOS's web-based enables a new category of (mobile and other IoT devices) that requires limited memory.

KTI is an early stage revenue company, with turnover of USD 9.25 million and USD 2.5 million in CY 2017 and CY 2016 respectively.

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

First Published: Fri, March 09 2018. 22:20 IST