Reliance Retail Buys 54% Stake In Addverb Tech For $132 Million

Mukesh Ambani-led Reliance Retail has acquired a 54 per cent stake in domestic robotics company Addverb for $132 million

Mukesh Ambani-led Reliance Retail has acquired a 54 per cent stake in domestic robotics company Addverb for $132 million (about Rs 983 crore), a senior official of the robotic firm said on Tuesday.

Addverb Technologies co-founder and CEO Sangeet Kumar said that the company will continue to operate independently and will use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida, Uttar Pradesh.

The company already has a manufacturing plant in Noida where it produces around 10,000 robots per annum.

"With this investment, Reliance will hold around 54 per cent stake in Addverb. They become the largest shareholder in the company. Reliance was already one of our esteemed clients, with whom we had co-created and delivered highly automated warehouses for their Jio-Mart grocery business. The comfort level and the trust factor were already in place, which led to this association," Mr Kumar said.