Reliance Strategic Business Ventures subsidiary raises stake in skyTran Inc to 54.46 per cent

Reliance Industries MD Mukesh Ambani said that acquiring majority equity stake in skyTran reflects the company's commitment to invest in building futuristic technologies.
Reliance Industries Limited (File Photo | Reuters)
Reliance Industries Limited (File Photo | Reuters)

NEW DELHI: Reliance Strategic Business Ventures, a subsidiary of Reliance Industries, on Sunday announced it has raised its shareholding in investee company skyTran Inc to 54.46 per cent, acquiring additional equity stake for consideration of USD 26.76 million (Rs 196.9 crore).

An RIL statement said that a technology company incorporated under the laws of Delaware, US, skyTran has developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.

"Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited, announced that it has acquired additional equity stake in its investee company skyTran Inc. for a consideration of USD 26.76 million increasing its shareholding to 54.46 per cent on a fully diluted basis," the statement said.

Commenting on the development, Mukesh Ambani, Chairman and Managing Director of Reliance Industries said that acquiring majority equity stake in skyTran reflects the company's commitment to invest in building futuristic technologies that would transform the world.

"We are excited by skyTran's potential to achieve an order of magnitude impact on highspeed intra and inter-city connectivity and its ability to provide a high speed, highly efficient and economical 'Transportation-As-A-Service' platform for India and the rest of the world," Ambani added.

The company firmly believes that non-polluting high speed personal rapid transportation system would help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in air and noise pollution, he noted.

The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation technology and would use cutting edge IT, telecom, Internet of Things (loT) and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner.

It is also supported by notable global venture capital investors such as Innovation Endeavors. Law firms Covington and Burling LLP and Freshfields Bruckhaus Deringer US LLP acted as legal counsel and IP counsel respectively to Reliance Industries, the statement added.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com