RIL acquires 54% stake in robotics firm
Hindustan Times|January 19, 2022
Reliance Industries Ltd's retail arm has purchased a 54% stake in Addverb Technologies, a Noida-based robotics company, for $132 million. Post the transaction, Reliance Retail Ventures Ltd (RRVL) will have four directors on the board of Addverb of a total of eight directors, according to Sangeet Kumar, co-founder and chief executive of Addverb Technologies.
Kalpana Pathak

The remaining stake in Addverb will be held by the founders.

Mint was the first to report on 28 December on the investment talks between billionaire Mukesh Ambani-led Reliance Industries and Addverb.

"We, the founders of Addverb, were working for Asian Paints and used to visit many factories and warehouses the world over. We realized that every time we set up factories, many of the materials were procured from the US and Japan.

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