Reliance acquires a 54.46% stake in skyTran

Reliance Industries had first invested in skyTran back in October 2018. At the time, RIL had acquired a 12.7% stake in the company.

By: HT TECH
| Updated on: Feb 28 2021, 22:19 IST

Now, with its latest investment, Reliance Industries has increased its share in skyTran 54.46% on a fully diluted basis. (REUTERS)

Reliance Strategic Business Ventures Limited (RSBVL) on Sunday announced that it has acquired an additional equity stake in its investee company skyTran Inc for $26.76 million.

Reliance Industries had first invested in SkyTran back in October 2018. At the time, RIL had acquired a 12.7% stake in the company. Later, the company increased its stake to 17.37% in November 2019 and to 26.3% in April 2020. Now, with its latest investment, Reliance Industries has increased its share in skyTran 54.46% on a fully diluted basis.

To give you a quick brief about the company, skyTran is a technology company that has developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. This technology has been developed by skyTran to create Smart Mobility Solutions.

The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation technology and would use cutting edge IT, Telecom, Internet of Things (loT) and advanced materials technologies to transport passengers in a fast, safe, green, and economical manner.

“Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world. We are excited by skyTran's potential to achieve an order of magnitude impact on highspeed intra and inter-city connectivity and its ability to provide a high speed, highly efficient and economical ‘Transportation-As-A-Service' platform for India and the Rest of the World,” Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said on the occasion.