Reliance Ind picks 5.56% stake in tech start-up for $5 mn

Reliance Industries said Saturday it has acquired 5.56 per cent equity stake in technology start-up Vakt Holdings Ltd, UK (VHL), for USD 5 million (approx Rs 35 crore). 

Reliance Industries, in a regulator filing, said it has acquired the equity stake in 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," the company said.