Reliance Industries (RIL) on Tuesday announced that the company has entered into definitive agreements with SenseHawk Inc. (SenseHawk) for acquiring 79.4% stake of SenseHawk, through primary infusion and secondary purchase, for a total consideration of $32 million.
Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry.
SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a solar digital platform to manage the end-to-end solar asset lifecycle. The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063 respectively, RIL informed in an exchange filing.
“Sensehawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers. The objects and effects of the aforesaid acquisition are explained in the media release dated September 5, 2022 already filed by the company on the subject,” Billionaire Mukesh-Ambani led conglomerate said in the release.
The acquisition does not fall within the related party transactions and none of RIL’s promoter/promoter group/group companies have any interest in the above entities. The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before end 2022, it added.
Mukesh Ambani chairs and runs Reliance Industries, which has interests in petrochemicals, oil and gas, telecom and retail. Almost 60% of Reliance’s revenue comes from oil-refining and petrochemicals, though, the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications and technology.
Ambani is pivoting Reliance into green energy. The company will be investing $80 billion over the next 10-15 years on renewable energy and building a new complex next to its refinery. RIL began work on the four Giga-factories at Dhirubhai Ambani Green Energy Giga Complex to set up world-scale production capacity for solar panels, energy storage systems, electrolysers and fuel cells spread over 5,000 acres in Jamnagar. At RIL’s 45th Annual General Meeting (AGM) last week , its chairman and managing director announced its new Giga Factory for Power Electronics.
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