Reliance Industries' arm acquires 23% stake in U.S drone tech company

Reliance Industries in a regulatory filing on December 22 announced that its wholly-owned subsidiary Reliance Strategic Business Ventures Limited has acquired a 23.3 percent stake in United States-based Exyn Technologies Inc for $25 million.The company in its statement said the acquisition of stake carried out by Reliance Strategic Business Ventures in Exyn, a company that develops autonomous aerial robot systems, will have Reliance's investments and strategic initiatives in the areas of drones, industrial safety and security, and robotics.

It was also stated the deal will accelerate Exyn's product and technology development and commercialisation across multiple application areas.Reliance's statement further mentioned the acquisition of a stake is not subject to applicable statutory government approvals. It was clarified none of RIL’s promoter/promoter group/group companies has any interest in the transaction.The company's full-stack solution allows for the deployment of single or multi-robots that can adapt to complex environments in real-time.In the last three years, Exyn's turnover has been $4.32 million, $1.83 million, and $0.16 million for 2021, 2020, and 2019, respectively.The aforesaid investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety & security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation.