Reliance Industries’ (RIL) wholly-owned subsidiary — Reliance Industrial Investments and Holdings (RIIHL) has entered into a binding agreement with Kanoda Energy Systems (KESL) for acquisition of equity shares for a cash consideration not exceeding Rs 75 crore.
The said investment upon completion will translate into 88% equity stake in KESL on a fully diluted basis. The total investment is likely to be completed by March 2020. KESL is a renewable energy Services Company incorporated on August 27, 2007.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.