Reliance Strategic Business Ventures Limited (RSBVL) said on Sunday it has acquired an additional equity stake in its investment firm skyTran Inc. for consideration $ 26.76 million. With this, RSBVL’s share in a U.S.-based tech company increased to “54.46% on a full-fledged basis,” from the current 26.3%, the company said in a regulatory filing. Reliance Strategic Business Ventures Limited is a wholly owned subsidiary of Reliance Industries Limited.
In October 2018, Reliance Industries Limited acquired a 12.7% stake in skyTran. In November 2019, it raised interest to 17.37% and in April 2020, to 26.3%.
“Our majority ownership interest in skyTran demonstrates our commitment to investing in building world-changing futures technologies,” said Mukesh Ambani, chairman and managing director of Reliance Industries.
“SkyTran has developed advanced passive motion and motion technology for the implementation of personal transport systems aimed at solving the problem of global traffic congestion,” RIL said in a management filing.
“The proposed skyTran transport systems would include computerized passenger pods running on state-of-the-art, patented Passive Magnetic Levitation technology and would use advanced IT, Telecom, loT and Advanced Materials to transport passengers in a prompt and safe manner. , green, and economic, “he said.
“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 economic for India and the rest of the World, “Ambani noted.
The technology was developed by skyTran to create Smart Mobility Solutions. It has been backed by global venture capital investors such as Innovation Endeavors.
“We strongly believe that a non-polluting, high-speed personal rapid transit system can contribute to environmental sustainability through the efficient use of alternative energy and the effective reduction of air and noise pollution,” said chairman. RIL.