RIL arm acquires 12.7% stake in US-based modern transport firm SkyTran

Reliance has made the investment in SkyTran with the aim to foster a partnership in India

Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL, said on Wednesday it has acquired 12.7 per cent stake in US-based SkyTran Inc.    

SkyTran is a venture-funded technology company developing modern transport modes, including personal rapid transit system. 

"Reliance has made a strategic investment into SkyTran as part of SkyTran's recently concluded preferred stock financing, with an option to further invest an amount up to $25 million in convertible notes, subject to SkyTran's board approval," the company said in a statement.