Reliance Industries to acquire a 54% stake in Addverb Technologies for $132m.

Reliance Industries, a manufacturer of petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber, agreed to acquire a 54% stake in Addverb Technologies, an Indian robotics startup, for $132m. “Reliance has huge plans to implement automation across digital warehouses. They have plans to expand warehousing to hundreds of locations in the next two years and when you have that scale, only robotic systems can be effective,” Sangeet Kumar, Addverb Technologies Co-Founder and CEO.