Reliance Retail has acquired a 54 per cent stake in domestic robotics company Addverb for US$132 million (about Rs. 983 crore), according to reports.
The company will continue to operate independently and will use the funds received from Reliance to expand business overseas, stated Addverb Technologies co-founder and CEO Sangeet Kumar.
The strategic partnership with Reliance Retail will help leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre).
'We are a profitable company. We will use the funds for overseas expansion and expanding manufacturing facilities," added Kumar.
(With inputs from PTI)
