Mukesh Ambani's Reliance Industries Ltd. has invested $50 million in Breakthrough Energy Ventures, a climate change company owned by Microsoft Corp.'s co-founder Bill Gates.
The investment will be made in tranches over the next 8-10 years, the Indian company said in an exchange filing on Friday. "The capital contribution commitment of $50 million constitutes 5.75% of the size of the fund contemplated at present.”
The transaction is subject to approval from the Reserve Bank of India.
RIL said it has “entered into a definitive agreement, for making a capital contribution, up to $50 million, in Breakthrough Energy Ventures II LP, a limited partnership, newly incorporated under the Delaware State Laws, United States of America.”
Breakthrough Energy Ventures is attempting to find solutions to the climate crisis through breakthrough energy and agriculture technologies. It will invest the funds raised, to support innovation in clean energy solutions.
Breakthrough Energy Ventures, as per the exchange filing, seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. “BEV will invest funds raised from investors to support innovation in clean energy solutions,” it said. “The results of these efforts would have significant relevance for India and are expected to benefit the entire mankind and also provide good returns to the investors.”
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