What is the logic of Reliance buying into Addverb Technologies?
Answer
Answer
Reliance Retail acquired 54% in Addverb Technologies for $132 million. Addverb runs one of the biggest robotic manufacturing facilities in Noida near Delhi. Incidentally, Addverb had helped set up automated JioMart warehouses. This deal gives Addverb Tech a valuation of Rs.2,000 crore. For now, it is more of a strategic investment for the Reliance Group.