New Delhi: Mukesh Ambani Reliance Reliance Reliance has acquired 54 percent of the shares in the domestic Robotics of the USDVAVAB company for $ 132 million (around RS 983 Crore), a senior official of the robot company said Tuesday.
The AddVerb Technologies Co-Founder and CEO Sangeet Kumar told PTI that the company will continue to operate independently and will use funds received from dependence to expand our business abroad and regulate one of the largest robot manufacturing facilities in Noida.
The company already has a manufacturing plant in Noida where it produces around 10,000 robots per year.
“With this investment, dependence will accommodate around 54 percent of shares in AddVerb.
They become the largest shareholders in the company.
Reliance is already one of our honorable clients, with whom we have created co-created and sending very automatic warehouses for splatures They.
Mart Grocery Business.
The level of comfort and trust factors already exist, which causes this association, “Kumar said.
Strategic partnerships with Reliance retail will help us use 5G, battery technology through new energy initiatives, progress in material science (carbon fiber) to provide robots that are more advanced and affordable, he added.
“We are a profitable company.
We will use funds for overseas expansion and expand manufacturing facilities.” At present, 80 percent of our income comes from India but this mixture is expected to change to 50-50 between India and businesses abroad in India 4-5 years ahead.
Our income from software contributes 15 percent of the total, which is expected to grow significantly, “Record Kumar.
Established in 2016, AddVerb hopes to close the current financial year with 100 percent revenue growth at Rs 400 Crore compared to Rs 200 Crore, He posted a year ago.
“In the next 5-6 years, we want to be a billion-dollar company in income.
We do everything in India – designing, producing and sending around the world, “said Kumar.
AddVerb has four subsidiaries located in Singapore, the Netherlands, USA and Australia.” Each of these subsidiaries will develop in terms of labor.
Manufacturing will occur in India, and our foreign subsidiary will help in designing robots, “Kumar said.
Reliance Retail bought 54% of shares in AddVerb Tech for $ 132 million
