Reliance Industries will purchase a 79.4% share in the US company SenseHawk for $32 million

Reliance Industries (RIL) stated that it had signed binding contracts with SenseHawk Inc. (SenseHawk) to buy 79.4% of the company's stock through a primary infusion and a secondary purchase for a total of $32 million.SenseHawk, a 2018 startup based in California, creates software-based management tools for the solar energy-producing sector.

By assisting businesses in streamlining processes and utilizing automation, SenseHawk helps solar projects move more quickly from the design stage to production. It offers a digital platform for managing the entire lifecycle of solar assets. According to RIL's exchange report, SenseHawk had revenue of $2,326,369 in FY 2022, $1,165,926 in FY 2021, and $1,292,063 in FY 2020.

"Sensehawk, together with the Company's other investments in New Energy, will work in concert to develop innovative solutions that are more valuable to customers. The media statement dated September 5, 2022, that the firm has previously issued on the subject explains the purposes and implications of the aforementioned transaction, according to the release from the conglomerate led by billionaire Mukesh Ambani.

The deal is not a related party transaction, and none of RIL's promoters, promoter groups, or group firms have any ownership stake in the aforementioned organizations. The transaction is scheduled to close by the end of 2022 but is subject to a number of regulatory and customary closing conditions.