Reliance Industries acquires 5.56% stake in blockchain startup for $5 million

The startup is expected to run its energy-focused blockchain startup early next year.

Reliance Industries has acquired 5.56 percent equity stake in technology startup Vakt Holdings Ltd, UK, for $5 million (approx Rs 35 crore).

In a regulatory filing, the company said it has acquired the equity stake in VHL, a closely held startup entity which is expected to run its energy-focused blockchain startup early next year.

Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai

VHL is a consortium of leading global energy majors, commodity traders and banks with a vision to digitise the global commodities trading industry, creating a secure, trusted ecosystem, powered by blockchain.

"The strategic investment accelerates Reliance's digital journey, through active participation in an emerging and evolving, yet promising, blockchain enabled technology solution for energy markets," the company said.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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