Reliance to buy 79.4% stake in SenseHawk for $32 million
Summary
Mukesh Ambani-led Reliance Industries has signed agreements to acquire a majority stake in U.S.-bases software-as-a-service firm SenseHawk Inc for $32 million. Indias largest private company will acquire a 79.4% stake in SenseHawk, through primary infusion and secondary purchase, according to RILs stock exchange filing. "We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal," says Rahul Sankhe, president and co-founder, SenseHawk. The deal comes days after RILs 45th annual general meeting where Ambani said the company will be setting up a giga factory for photovoltaic panels, energy storage, green hydrogen and for fuel cell systems. With each of these partnerships, we gained access to unique technology, know-how, and an eager and vibrant talent pool, ready to disrupt the world."
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