RIL to invest $50mn in Bill Gates-owned Breakthrough Energy Ventures
What's the story
Reliance Industries will be investing $50 million (approximately Rs. 373 crore) in Breakthrough Energy Ventures, a firm established by billionaire philanthropist Bill Gates in 2015 to battle climate change. The company said on Thursday that the investment will be made in tranches, spread over the next eight to ten years. Likes of Jeff Bezos, Michael Bloomberg, and Jack Ma have also invested in the fund.
Association
Ambani was one of the early investors of BEV
RIL is infusing funds four years after Mukesh Ambani, Bezos, and Gates pledged $1 billion for the goal. "It is an immediate need to find and provide new energy sources that are affordable, clean and reliable for every person on our planet. Breakthrough Energy Ventures will help build the companies that can solve and deploy new energy solutions everywhere," Ambani said in 2016.
Statement
RIL explained how BEV aims to fight climate crisis
Back then, Gates also seemed excited about the project. He called it the "next step in the commitment made by the Breakthrough Energy Coalition." About BEV, RIL said yesterday that the firm works to find solutions to the climate crisis by "flexibly investing to develop breakthrough energy and agriculture technologies." RIL's investment amounts to 5.75% of the size of the fund projected at present.
Details
RBI's go-ahead needed for the transaction
RIL informed that the investment is subject to approval from the Reserve Bank of India. It was claimed that none of RIL's promoter or promoter group or group companies have shown any interest in the transaction. The company added that BEV's work will help India, and the entire mankind, and will eventually result in good returns for investors.