Mumbai Sep 26 (UNI) Mukesh Ambani-controlled Reliance industries (RIL) on Wednesday said that its wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) has subscribed to

40,58,647 Compulsorily Convertible Preferred Shares of NetraDyne Inc, US (NetraDyne) at USD 1.97110 per share, for cash aggregating to USD 8 million.

RIIHL had previously invested USD 16 million in NetraDyne.

RIIHL's investment translates to about 37.40 per cent equity stake on the basis of current fully diluted share capital, RIL said in a filing with the BSE.

NetraDyne is an early stage technology start up incorporated in the State of Delaware in September 2015. NetraDyne is a high-end technology driven product, deep learning solutions and vision-based analytics business, with focus on verticals such as fleet management, automotive, security and surveillance.

It has recently started commercialising its technology with select partners across the globe.

NetraDyne is an early stage revenue company, with turnover of USD

0.4 million in FY 2018.

The aforesaid investment has potential synergies with digital

services and communications initiatives of RIL and its subsidiaries,

apart from commercialization benefits in India.

All statutory / regulatory approvals have been obtained for this

investment. The investment does not fall within related party

transactions and none of RIL's promoter / promoter group / group

companies have any interest in NetraDyne.

UNI JS NV RJ 1554