Reliance Industries unit to invest Rs 108 crore in NetraDyne

Mumbai: Reliance Industrial Investments & Holdings, a unit of Reliance Industries , is investing $16 million (Rs 108 crore) in compulsory convertible preferential shares of US-based technology startup NetraDyne. Once these are converted, the Indian company will have 40% stake in the startup.

According to a filing by the Mukesh Ambani-owned group on the BSE, 50% of the payment was done on May 31 and the remaining investment would likely happen by March 31, 2017.

NetraDyne looks into visual-based analytics and works in industries such as drones, automotive and healthcare. It is in advanced stages of product development and yet to start commercial operations. Its website said its teams are working on "unified vision-based IoT" platform for processing visual and other sensory inputs.

"There are potential synergies with telecom and digital business initiatives of RIL (through its subsidiaries) apart from commercialisation benefits in India," said a RIL release.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.