Reliance Industries has acquired a majority stake of 79.4 per cent in US-based SenseHawk Inc through primary infusion and secondary purchase, for $ 32million, the company said in a BSE filing.
California-based SenseHawk, which was founded in 2018, is an early-stage developer of software-based management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle, the BSE filing said.
Also Read: Reliance aims to double its value in 5 years as it gets future-ready
The turnover of SenseHawk for FY2022, FY2021 and FY2020 was US$ 2,326,369, US$ 1,165,926, and US$ 1,292,063 respectively., according to the filing by Reliance Industries.
Sensehawk, along with the other investments of the Company in New Energy, will be synergistic and create unique solutions with higher value to customers. The objects and effects of the aforesaid acquisition are explained in the media release dated September 5, 2022 already filed by the Company on the subject. The acquisition does not fall within the related party transactions and none of RIL’s promoter/ promoter group/group companies have any interest in the above entities, the release added.
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