Reliance Industries Ltd will invest up to $50 million in Breakthrough Energy Ventures IILP, the company said in a regulatory filing today.
Investment will be made in tranches over 8-10 years with the $50 million constituting 5.75% of the size of the fund contemplated at present.
Billionaire Mukesh Ambani, chairman and managing director of Reliance Industries Ltd (RIL), had in December 2016 joined hands with Jeff Bezos, Jack Ma and Bill Gates, among others, to set up Breakthrough Energy Ventures (BEV), a $1 billion fund to fight climate change through innovations in clean energy.
Breakthrough Energy is newly incorporated under Delaware state laws.
The transaction, RIL said, is subject to approval from Reserve Bank of India and the investment does not fall within related party transactions for the company.
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