Reliance buys stake in UK start-up
Energy-to-telecom conglomerate Reliance Industries Limited (RIL) has purchased an equity stake of 5.56 per cent in UK-based blockchain start-up Vakt Holdings Ltd for $5 million (Rs 35 crore). In a stock exchange filing, the Mukesh Ambani-led conglomerate said the investment was aimed at accelerating its digital journey through active participation in an emerging and evolving blockchain-enabled technology solution for energy markets. Reliance Industries derives the bulk of its revenue from its energy business. Vakt Holdings is a consortium of leading global energy majors, commodity traders and banks whose vision is to digitise the global commodities trading industry with the help of blockchain technology. The blockchain platform, which is being developed in sync with companies such as BP, Shell and Statoil, trading houses Koch Supply & Trading and Mercuria, and banks ABN Amro, ING and Societe Generale, will be used for oil and gas trading, according to energy portal S&P Platts. The platform, which is expected to be up and running from early next year, aims to reduce administrative and operational risks and costs of energy trading.