RIL purchases stake in VHL for US$ 5 million

Reliance Industries Limited (RIL) acquired 5.56 per cent equity stake in Vakt Holdings Limited, UK (VHL). The stake was procured on a fully-diluted basis for an amount of US$ 5 million. 

The acquisition will propel RIL’s digital journey as it will facilitate active participation in a developing and progressing blockchain-enabled technology solution for the energy markets. 

The investment is devoid of any involvement of RIL’s promoter/promoter group/group companies and did not require any regulatory approvals. 

VHL is a conglomerate of prominent global energy majors, commodity traders and banks, all of which share the vision of digitizing the global commodities trading industry, thereby creating a secure and trustworthy ecosystem which is powered by blockchain. 

RIL is engaged in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications. 

On Monday, the shares of RIL opened at Rs. 1,101.80 per share, and hit a high and low of Rs. 1,103.00 and Rs. 1,090.80, respectively. At 11:03 am, the stock was trading at Rs. 1,094.10, down 0.39 per cent.