India’s Reliance takes up 5% stake in blockchain startup focused on commodities

By Staff Reporter

India’s¬†Reliance Industries,¬†controlled by the country’s richest man Mukesh Ambani, has acquired a 5.56% equity stake in a UK-based blockchain technology startup Vakt Holdings Ltd. (VHL) for $5mn, according to a regulatory filing cited by Press Trust of India.

This is the first such investment by the Indian conglomerate in the distributed ledger technology.

According to the filing, the VHL is a closely held startup entity which is set to run its energy-focused blockchain startup early next year.

VHL, consortium of leading global energy firms, commodity traders and banks, aims to digitise the global commodities trading industry, creating a secure, trusted ecosystem, powered by blockchain.

“The strategic investment accelerates Reliance’s digital journey, through active participation in an emerging and evolving, yet promising,¬†blockchain enabled technology solution for energy markets,” PTI quoted the company as saying.

Indian media previously reported that Reliance Group was considering issuing a cryptocurrency for its Jio mobile network known as JioCoin, though the company later denied it (see here.)

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