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RIL buys majority stake in skyTran; invested in future tech, says Ambani

Shareholding of Indian entity at 54.46%; skyTran has developed breakthrough passive magnetic levitation & propulsion tech for personal transportation

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Illustration: Ajay Mohanty

BS Web Team New Delhi
Billionaire Mukesh Ambani-led Reilance Industries' subsidiary Reliance Strategic Business Ventures Limited (RSBVL) on Sunday said that it has acquired additional equity stake in its investee company skyTran Inc. for a consideration of $26.76 million, increasing its shareholding to 54.46 per cent on a fully diluted basis.

"skyTran is a US technology company. It has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. The technology has been developed by skyTran to create Smart Mobility Solutions," the company said in a stock exchange filing

The proposed skyTran transportation

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First Published: Feb 28 2021 | 8:34 PM IST

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