Neolync has 49 per cent Israeli stake. The company is one among 16 approved by the ministry of electronics and IT (MeitY) to take part in the production linked scheme related to manufacturing of large scale electronics
Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Mukesh Ambani’s Reliance Industries Ltd (RIL), has invested Rs 20 crore in equity shares of Neolync Solutions (Neolync). The latter is into India-based manufacturing of electronic products including but not limited to mobile phones, telecom products and computing devices.
“Neolync is building the world’s first intentionally integrated product creation platform supporting the seamless development of electronic products from conception to completion,” said Neolync in an official statement.
The company is one among 16 approved by the ministry of electronics and IT (MeitY) to take part in the production linked scheme related to manufacturing of large scale electronics. The company had reported a net loss of Rs 1.03 Cr for FY2021 period, and a net loss of Rs 2.39 Cr for October 2019 to March 2020.
”The aforesaid investment is part of group’s overall 5G initiatives and commitment to Government of India’s ‘Made in India’ initiatives for fostering indigenous manufacturing especially in next gen 5G technologies,” RIL said in a regulatory filing with the Bombay Stock Exchange. RIL is looking at the investment as a measure to boost 5G devices’ manufacturing in the country.
RIL may further investment up to Rs 40 Cr in the company subject to Neolync achieving certain milestones. The investment is expected to be completed by March 2023. The total investment, if done, will translate into RIL holding 40 per cent of equity share capital in Neolync. This would be on a fully paid up and diluted basis. Neolync has 49 per cent Israeli stake.
“Delighted that NeoLync, an Israeli company is a part of UTL-NeoLync that was selected by the govt of India for electronics manufacturing in India, imp add to the list of Israeli companies already actively participating in PMO India’s Make in India and Atmanirbhar Bharat vision,” Dr Ron Malka, Ambassador of Israel to India and Sri Lanka, had tweeted in December 2020.
Delighted that NeoLync, an #Israeli company is a part of UTL-NeoLync that was selected by the ??govt for electronics manufacturing in #India, imp add to the list of ??companies already actively participating in @PMOIndia's #MakeInIndia, export & #AtmaNirbharBharat vision. ???? pic.twitter.com/YSETMMiXdF
— Ron Malka ?? (@DrRonMalka) October 9, 2020
