Reliance Industries Limited, which brought a revolutionary change in the telecom sector, has now foreshadowed a similar effort in the solar power sector. Reliance Industries (RIL) has proposed to buy a 79.4% stake in Sense Hawk, an American company that provides software services to solar power generating companies. Reliance makes strides in solar power: Purchase of 79.4% share in Sense Hawk Company of America.
In this regard, Reliance has entered into an agreement with the promoters of SenseHawk Company, for which Reliance will spend 3.2 crore US dollars. Started in 2018, Sense Hawk is a software company based in California. It provides solar energy companies with software tools for day-to-day operations. Reliance makes strides in solar power: Purchase of 79.4% share in Sense Hawk Company of America.
Reliance Company has officially informed various regulatory bodies under the Government of India in this regard on Monday. Sense Hawk will use the funds provided by Reliance for future advancements, commercial use of software and other tools, research and development.
The turnover of Sense Hawk Company for the financial year 2021-2022 is 2.32 crore US dollars. In 2020-21, 1.16 crore US dollars, in 2019-20, 1.29 crore US dollars was conducted by SenseHawk Company.
Reliance’s takeover of Sense Hawk may take a few more months. Both companies have to comply with many rules and regulations of both countries. The transaction is expected to be completed by the end of the current financial year.
Sense Hawk is a company that helps design, install and generate solar power. “SenseHawk provides many tools to automate the production and supply of solar energy,” said Reliance Industries Limited in a statement to the Government of India.
Various initiatives have been taken to help the customers of solar power projects, including the services provided by Sense Hawk. We welcome the talented Tandha of SenseHawk to our family. Reliance Industries is committed to revolutionize the green energy sector. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said that the target of generating 100 gigawatts of solar power by 2030.
Collaborative work with Sense Hawk will help to reduce the cost of solar power generation in the coming days. Our main objective will be to make solar energy the first choice for getting electricity in the near future. This is a powerful field with many possibilities. I am confident about the growth of this sector,’ he said.
Swaroop Mavanur, co-founder and CEO of Sense Hawk, welcomed the development. He spoke confidently saying, ‘We will reach new heights with Reliance Company in the coming days.’