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K Law for Reliance in $37m buy of IndusLaw’s Reverie language tech start-up

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

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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