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RIL to invest US $50 mn in US-based clean energy fund
The investment will be made in tranches over the next 8-10 years and is subject to approval from Reserve Bank of India
- By ICN Bureau
| November 12, 2020
Reliance Industries Limited (RIL) has entered into a definitive agreement, for making capital contribution, up to US $50 million, in Breakthrough Energy Ventures II, L.P. (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America.
The capital contribution commitment of US $50 million constitutes 5.75% of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years and is subject to approval from Reserve Bank of India.
BEV seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. BEV will invest the funds raised from the investors to support innovation in clean energy solutions. 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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