Reliance Completes Acquisition Of 5.56% Strategic Stake In Vakt Holdings Limited, UK
Reliance Industries Limited (RIL) has acquired 5.56% equity stake (on a fully diluted basis) in Vakt Holdings Limited, UK (VHL), a closely held start-up entity engaged in the technology space, for cash aggregating to ~ USD 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.
No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transactions and none of RIL's promoter/promoter group /group companies have any interest in VHL.