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 the group's automation systems. The conglomerate, which ranges from e-commerce to new energy, will soon have robots in its inventory to scale up the businesses. Ambani-led Reliance has paid $132 million to Addverb Technologies in exchange for a major chunk of its shares. Reliance paid $132 million to Addverb Technologies, which uses robots to make e-commerce warehouses and energy production more efficient. Sangeet Kumar, who is the robot making start-up's co-founder and the CEO, confirmed the 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, already have Addverb working in its warehouses. The tech company has deployed robotic conveyors, semi-automated systems, and pick-by-voice software in these business places. However, with the latest deal, Reliance looks to implement automation across digital warehouses and expand the same across businesses in various fields. Addverb, based in Noida has been designing and making robotic systems for the past five years. As part of the deal, working robots will be soon seen helping pack Reliance's oil and gas storage facilities. In the coming years, Reliance along with Addverb will look to build "next level" 5G robotics and battery systems in order to build affordable, advanced robots. The startup, which already has subsidiaries in Singapore, the Netherlands and Australia, will now look to give Reliance a lead over its direct rivals like Amazon in the 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 the acquisition was intended to add to the consumer and hospitality footprint of the group. The closing of the transaction is expected to be completed by the end of March 2022, subject to certain customary, regulatory and other approvals. Located near the iconic Central Park, luxury hotel Mandarin Oriental New York was set up in 2003 at 80 Columbus Circle. Over the last two decades, 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 others. This is the second big acquisition by Reliance Industries in less than a year. In April 2021, RIHL purchased the prime property in the United Kingdom for a whopping Rs 592 crore. Image: PTI/ UNSPLASH

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

Reliance paid USD 132 million to Addverb Technologies, which uses robots to make e-commerce warehouses and energy production more efficient.

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