Reliance Industries acquires controlling stake in drone startup Asteria Aerospace

11:20:00 AM, Saturday 14th of December 2019 | in business

Mukesh Ambani-led Reliance Industries bought a controlling stake in Bengaluru-based drone startup Asteria Aerospace for a cash consideration of Rs 23.12 crore. This investment will give RIL a 51.78% holding in Asteria Aerospace. Reliance proposed to invest a further Rs 125 crore in the drone startup, which is ruled to Asteria achieving agreed milestones. With this investment, Reliance will increase its shareholding to 87.3%.