Mukesh Ambani To Kick-start New Ventures

Reliance Industries, CMD, Mukesh Ambani who heads the country’s most valued corporate entity, is planning to provide Rs 1000 crore seed capital to start a new venture that would invest in innovative business ideas, including in technology and healthcare segments.

Mukesh Ambani will probably make this investment of about USD 250 million in his individual capacity, sources close to the development said. The process has begun for stringing together a team of experts with domain knowledge of various sectors for managing this private equity venture. The top tier of people to be associated with this venture would include those with expertise in biotechnology, healthcare, energy and consultancy businesses, besides private equity and venture capital segments.

The new venture would mostly invest in start-ups working on innovative business ideas in sectors like biotechnology, healthcare, and information technology, new and renewable energy as also traditional energy sources, among others. However, it was unlikely that RIL group itself would get involved in the venture and it was most likely that the investment would be made by Mukesh Ambani in his individual capacity.

Reliance Industries Limited and Mukesh Ambani himself have often talked about need to invest in areas like business innovation, new technology and research and development. Earlier in 2007, RIL group firm Reliance Life Sciences had announced a partnership with MPM Capital, a US-based global investment management firm focused on healthcare business, to invest in Indian life science sector.

Subsequent to the deal, RIL invested nearly Rs 80 crores in a MPM BioVentures fund during the last fiscal 2009-10. The group has also created a Reliance Technology Group (RTG) by consolidating various research and technology functions of its businesses. It has also set up a Reliance Innovation Council that comprises of eminent scientist R A Mashelkar and Mukesh Ambani himself, among other global leaders, from fields of science and business.

Mukesh Ambani, CMD, Reliance Industries is planning to provide Rs 1000 crore seed capital to start a new venture that would invest in innovative business ideas, including in technology and healthcare segments. RIL is country’s most valued corporate entity.