Reliance Industries (RIL) disclosed on Tuesday that it had signed binding contracts with SenseHawk Inc (SenseHawk) to buy a 79.4% share in the company through a primary infusion and a secondary purchase for a total of $32 million.

SenseHawk, a 2018 startup based in California, creates software-based management tools for the solar energy-producing sector.

SenseHawk helps solar projects move more quickly from the design stage to production by assisting businesses in streamlining processes and utilising automation. It offers a digital platform for managing the entire lifecycle of solar assets. According to RIL’s exchange report, SenseHawk had revenue of $2,326,369 in FY 2022, $1,165,926 in FY 2021, and $1,292,063 in FY 2020.

“Sensehawk, together with the Company’s other investments in New Energy, will work in concert to develop innovative solutions that are more valuable to customers. The media statement dated September 5, 2022, that the firm has previously issued on the subject explains the purposes and implications of the transaction as mentioned earlier, according to the release from the conglomerate led by billionaire Mukesh Ambani.

The deal is not a related party transaction, and none of RIL’s promoters, promoter groups, or group firms has any ownership stake in the aforementioned organisations. The transaction is scheduled to close by the end of 2022 but is subject to several regulatory and customary closing conditions.

Reliance Industries, which has petrochemicals, oil and gas, telecom, and retail holdings, is chaired and managed by Mukesh Ambani. Although oil-refining and petrochemicals account for about 60% of Reliance’s earnings, the conglomerate has been lowering this Reliance by diversifying into retail, telecommunications, and technology.