In what is an important development for Indian language enabling of India’s Internet, Reliance Industries has acquired a majority stake in Reverie Language Technologies: RIL, India’s largest business conglomerate, has acquired an undisclosed majority stake for Rs 190 crores (around $27.3 million a current conversion rates), and will invest Rs 77 crores (almost $10 million) by March 2021. The investment has been made via Reliance Industrial Investments & Holdings (RIIHL), a wholly-owned subsidiary of Reliance Industries. Reverie will work towards integration of its Indic language localization services with RIL’s digital consumer platforms.

— Medianama

IndusLaw advised Reverie Language Technologies led by partners Srinivas Katta and Anindya Roy, senior associate Ankita Gupta, and associate Nishihi Shah.

Update 22 May 2019: K Law acted for Reliance Industries Limited, led by a team including associate partner Prateek Mohapatra, senior associate Jeevith Belliappa, and associates Amiyakumar Pati and Anurag Naskar. The team was also assisted by assisted by Supriya G and Sandeep Kulkarni from the in-house secretarial vertical.

2019-05-18

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