Reliance qualifies to be a major shareholder in skyTran Inc
Reliance Strategic Business Ventures Limited, which is a wholly-owned subsidiary of Reliance Industries Limited informed that it has acquired additional equity stake in its investee company, skyTran Inc. The acquisition took place for a consideration of USD 26.76 million; thus, increasing Reliance’s stake to 54.46 per cent on a fully-diluted basis in skyTran Inc.
skyTran is a technology company, incorporated under the laws of Delaware (USA) in 2011. It has developed breakthrough passive magnetic levitation & propulsion technology for the purpose of implementing personal transportation systems, which aim at solving the traffic congestion problems globally.
This technology is mainly developed by skyTran to create smart mobility solutions. The transportation systems consist of computer-controlled passenger pods running on its state-of-the-art, patented passive magnetic levitation technology and would make use of up-to-date IT, telecom, IoT & advanced materials technologies for transporting passengers in a fast, safe, green, and economical manner. The system also earns the support of notable global venture capital investors such as Innovation Endeavors. By this acquisition, Reliance Industries Ltd aims to invest in building futuristic technologies that would eventually help in transforming the world.
Reliance Industries is a company based in India, having a business in refining, petrochemicals, oil & gas, organised retail, digital services and financial services segments.
Post this news, the share of Reliance Industries opened 0.58 per cent higher at Rs 2,097.65 on Monday.