Reliance picks 54% in robotics firm Addverb for Rs 983 Cr

Reliance Retail Ventures Ltd, the retail unit of Reliance Industries Ltd, has acquired a 54% stake in Addverb Technologies for $132 million ( ₹983 crores approximately). India-based Addverb will continue to operate independently and will use the fresh funds received from RIL to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida. Addverb has operations in India, Singapore, the Netherlands, and Australia. The company provides products across four verticals in the automation domain which includes robotics, automated storage and retrieval systems, picking and software.

With this investment, Reliance will hold around 54% stake in Addverb. They become the largest shareholder in the company. The latest investment pushes Addverb’s valuation to the range of $265 million to $270 million (around ₹2,000 crores). The firm already has a manufacturing plant in Noida where it produces around 10,000 robots per annum.

The strategic partnership with the RIL arm will help the company to leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fiber) to deliver more advanced and affordable robots.

Source: Business Standard