Mukesh Ambani’s Reliance Industries has been acquiring US-based startups

The conglomerate has been working to expand its network of startups.

Reliance Industries Ltd., owned by billionaire Mukesh Ambani, has agreed to continue investing in clean energy by acquiring a majority stake in the California-based startup SenseHawk Inc.

According to a filing with the exchange on Tuesday, the oil-to-telecom conglomerate has agreed to pay $32 million via primary infusion and secondary purchase to acquire a 79.4% stake in SenseHawk.

With a price target of Rs 3,085, the research firm maintained its "overweight" rating on the stock, indicating a potential gain of 19%.

Reliance Industries has been expanding into more recent markets, including retail and new energy, while still maintaining its core oil and gas business.

The assets include Lithium Werks BV's entire patent portfolio, its Chinese manufacturing facility, significant business contracts, and the hiring of current employees.

Reliance Brands had agreements in place to invest in the Abu Jani Sandeep Khosla couture line for a 51% majority stake as of April.

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