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Reliance buys majority stake in drone company

Reliance Industries Ltd. on Friday said its wholly-owned subsidiary Reliance Strategic Business Ventures Ltd. has acquired over 51% stake in Asteria Aerospace for 23.12 million. “RSBVL has acquired equity shares of Asteria Aerospace for a cash consideration of 23.12 million. The said investment represents 51.78% holding in the equity share capital of Asteria,” Reliance Industries

The investment will further enable the group’s initiatives in emerging technology, it added. RSBVL proposes to make a further investment of up to 125 billion, subject to Asteria achieving agreed milestones, and is expected to be completed by December 2021, it said.

“Post the further investment, the shareholding of RSBVL will increase to 87.3% of the equity share capital of Asteria,” it added. On Thursday, RSBVL had said it has picked up 85% stake in NowFloats Technologies for a cash consideration of 141.63 billion.

Asteria, incorporated in India in June 2011, is a full-stack drone technology company with in-house drone manufacturing capabilities, and also offers software solutions to provide actionable insights from aerial data, intending to deliver “drone-as-a-service” digital platform. An early-stage company, Asteria had a turnover of 1.96 million in 2018-19.