Reliance Industries Limited To Acquire Majority Stake In SenseHawk For $32 Million, Shares Rise

Reliance Industries Ltd ("RIL"), has today signed definitive agreements to acquire a majority stake in SenseHawk Inc ("SenseHawk") for a total transaction value of $32 million, including funding for future growth, commercial rollout of products, and R&D, the company said on Tuesday.

Founded in 2018, SenseHawk is an early-stage California-based developer of softwarebased management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation, RIL stated in an exchange filing dated September 6, 2022.

The stock of RIL reacted positively to the development and gained 1.33% at Rs 2604 apiece till afternoon trading. The 52-week high of the RIL is 2855 apiece and 52-week low is Rs 2181 apiece. The company has a market capitalization of Rs 17,61,429.82 crore.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said, "We welcome SenseHawk and its dynamic team to our family. RIL is committed to revolutionize the Green Energy sector and has a vision to enable 100 GW of solar energy by 2030. In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy. It is a very exciting technology platform and I am confident that, with RIL's support, SenseHawk will grow multifold."

Swarup Mavanoor, CEO and Co-Founder, SenseHawk, said, "We are delighted with the confidence that RIL has demonstrated in us with this investment. The SenseHawk team foresees strategic value in working with RIL, as one of the largest global infrastructure corporations, and look forward to this next phase in our growth."

Rahul Sankhe, President and Co-Founder, SenseHawk, said, "We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate on our execution toward that goal."

Reliance is India's largest private sector company, with a consolidated revenue of INR 792,756 crore ($104.6 billion), cash profit of INR 110,778 crore ($14.6 billion), and net profit of INR 67,845 crore ($9.0 billion) for the year ended March 31, 2022.

Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, renewables (solar and hydrogen), retail and digital services.

Currently ranking 104th, Reliance is the largest private sector company from India to feature in Fortune's Global 500 list of "World's Largest Companies" for 2022.