Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has invested ₹20 crores in equity shares of Neolync Solutions Private Limited (Neolync).
A further investment of up to ₹40 crore, subject to Neolync achieving agreed milestones, is expected to be completed by March 2023.
The total investment will translate into 40% of equity share capital in Neolync on a fully paid up and diluted basis, the company said.
Neolync is an early-stage company incorporated in India in October 2019. Neolync and its subsidiaries and associate companies are engaged in India based manufacturing of electronic products such as mobile phones, telecom products and computing devices etc.
Neolync is an early-stage company with Income of ₹3.26 crore and Net Loss of ₹1.03 crore for FY2021 and net loss of ₹2.39 crore for the period October 2019 to March 2020.
No governmental or regulatory approvals are required for the said investment. The investment does not fall within related party transactions and none of RIL’s promoter /promoter group/group companies have any interest in the transaction.
Source: Mint