Mukesh Ambani makes a whopping $132 million investment in robot-maker start-up

Billionaire business magnate Mukesh Ambani-led Reliance Industries Ltd is now set to buy an Indian robotics start-up in order to up group's automation systems. conglomerate, which ranges from e-commerce to new energy, will soon have robots in its inventory to scale up businesses. Ambani-led Reliance has paid $132 million to dverb Technologies in exchange for a major chunk of its shares.

Reliance paid $132 million to dverb Technologies, which uses robots to make e-commerce warehouses and energy production more efficient. Sangeet Kumar, who is robot making start-up's co-founder and CEO, confirmed same while speaking to Bloomberg on Tuesday. Mukesh Ambani, who is Asia's richest person, is now investing in technology to automate businesses in order to compete with rivals like Amazon.

Reliance to introduce robots into automation across businesses

Companies under Reliance like grocer JioMart, fashion retailer Ajio and internet pharmacy Netmeds, alrey have dverb working in its warehouses. tech company has deployed robotic conveyors, semi-automated systems, and pick-by-voice software in se business places. However, with latest deal, Reliance looks to implement automation across digital warehouses and expand same across businesses in various fields.

dverb, based in Noida has been designing and making robotic systems for past five years. As part of deal, working robots will be soon seen helping pack Reliance's oil and gas storage facilities. In coming years, Reliance along with dverb will look to build "next level" 5G robotics and battery systems in order to build affordable, vanced robots.

startup, which alrey has subsidiaries in Singapore, Nerlands and Australia, will now look to give Reliance a le over its direct rivals like Amazon in coming years.

Reliance acquires New York's premium luxury hotel 

Mukesh Ambani-led Reliance Industries Ltd on Sunday entered into an agreement to acquire New York's premium luxury hotel Mandarin Oriental for $98.15 million. In a statement, Reliance Industrial Investments and Holdings Limited (RIIHL) announced that acquisition was intended to d to consumer and hospitality footprint of group. 

closing of transaction is expected to be completed by end of March 2022, subject to certain customary, regulatory and or approvals.

Located near iconic Central Park, luxury hotel Mandarin Oriental New York was set up in 2003 at 80 Columbus Circle. Over last two deces, it has attained global recognition and has won several influential awards, including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among ors.

This is second big acquisition by Reliance Industries in less than a year. In April 2021, RIHL purchased prime property in United Kingdom for a whopping Rs 592 crore.

Image: PTI/ UNSPLASH