 "Reliance Industries arm increases stake in US-based SkyTran to over 17%")
Reliance Industries on Thursday said its arm Reliance Strategic Business Ventures Limited (RSBVL) has increased its stake in US-based SkyTran Inc to 17.37 per cent.
In October last year, Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of the company, had acquired 12.7 per cent stake in SkyTran Inc.
Pursuant to a composite scheme of arrangement approved by the National Company Law Tribunal, Ahmedabad Bench, the investment in SkyTran by RIIHL has been now vested in RSBVL.
"On November 6, 2019, RSBVL has acquired further shares in SkyTran Inc to increase its shareholding in SkyTran Inc to 17.37 per cent on a fully diluted basis," Reliance Industries said in a later night regulatory filing.
SkyTran is a venture-funded technology company developing modern transport modes, including personal rapid transit system.
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