RIL arm invests Rs 20 cr in electronic product maker Neolync

Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Mukesh Ambani-run Reliance Industries Ltd (RIL), announced on Thursday that it has invested Rs 20 in equity shares of Neolync Solutions (Neolync).

The RIL subsidiary intends to complete a further investment of up to Rs 40 crore in Neolync by March 2030, the company said. The investment would be subject to Neolync achieving agreed upon milestones, explained the firm in a statement.

Reliance's total investment will translate into 40 per cent of equity share capital in Neolync on a fully paid up and diluted basis, the statement said.

Neolync Solutions (Neolync) was incorporated in India on October 14, 2019. The firm and its subsidiaries and associate firms are engaged in India-based manufacturing of electronic products such as mobile phones, telecom products and computing devices, etc. "Neolync is building the world's first intentionally integrated product creation platform supporting the seamless development of electronic products from conception to completion," said the company.

At the moment, Neolync is an early-stage company with an income of Rs 3.26 crore. The firm suffered a net loss of Rs 1.03 crore in FY 2021 and a net loss of Rs 2.39 crore for the period between October 2019 and March 2020.

The investment in Neolync is part of Reliance's overall 5G initiative and commitment towards the Centre's 'Made in India' initiative for fostering indigenous manufacturing, especially in next-generation 5G technologies.

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