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Reliance increases stake in US-based tech company SkyTran to 26.3%

No regulatory approvals were required in India for the acquisition of shares

Reliance, RIL,

Reliance has reportedly invested in SkyTran to play an active role in advancing solutions, especially in telecom

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries, has increased its stake in US-based SkyTran Inc, a venture-funded technology company developing modern transport modes including personal rapid transit system.
RSBVL had acquired convertible notes in two tranches, the first one on November 29 last year and the second one on March 23 this year which got converted into shares of SkyTran Inc on April 27 upon certain conditions being satisfied.
"Consequent upon this, the shareholding of RSBVL in SkyTran Inc stood increased to 26.31 per cent on a fully diluted basis," Reliance Industries said in regulatory

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First Published: Apr 29 2020 | 2:17 PM IST

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