Reliance Industries (RIL) said that its wholly owned subsidiary Reliance Strategic Business Ventures (RSBVL) has acquired additional equity stake in its investee company skyTran Inc. (skyTran) for a consideration of $26.76 million.
After the acquisition, RSBVL's shareholding in skyTran increased to 54.46% on a fully diluted basis.
skyTran is a technology company incorporated under the laws of Delaware, United States of America (USA) in 2011. skyTran 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 proposed skyTran transportation systems would consist of computercontrolled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation technology and would use cutting edge IT, Telecom, IoT and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner. It is also supported by notable global venture capital investors such as Innovation Endeavors.
The announcement was made on Sunday, 28 February 2021. Shares of RIL fell 2.84% to settle at Rs 2,083.85 on Friday.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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