Billionire Mukesh subsidiary led by Ambi Industries Reilance Industries Reliance Strategic Business Ventures Limited (RSBVL) on Sunday said it has acquired an additional equity stake in its investment firm skyTran Inc. for consideration at $ 26.76 million, raising its shareholding to 54.46 percent on its fully diluted basis.
“SkyTran is a U.S. technology company. They have developed advanced passive motion and motion technology to implement personalized transportation systems aimed at solving the problem of global traffic congestion. The technology was developed by skyTran to create Smart Mobility Solutions, “the company said in a stock exchange filing.
The proposed skyTran transport systems would include computer-controlled passenger pods running on state-of-the-art, patented passive levitation technology and would use advanced IT, Telecom, loT and Advanced Materials to transport passengers in a fast, safe manner. , green, and economical way. It is also backed by well-known venture capital investors such as innovation efforts.
“Our majority ownership stake in skyTran demonstrates our commitment to investing in building world-changing futures technologies, said Mukesh Ambani, chairman and managing director of Reliance Industries .
“We are thrilled with the ability of skyTran to achieve a large-scale impact command on high-speed connections within and between cities and its high-speed ‘Transportation-As-A-Service’ platform capability. efficient and economical delivery to India and the rest of the World. We strongly believe that a fast, unpolluted personal high-speed transport system will help maintain environmental sustainability through the efficient use of alternative energy and reduce the impact of air and noise pollution, ”he said.
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