On Sunday, Reliance Industries, through its affiliate Reliance Strategic Business Ventures, paid $26.76 million for an additional equity interest in its investee firm skyTran Inc. According to a regulatory filing, RSBVL’s shareholding in a US-based software company rose to 54.46 percent on a totally diluted basis, up from 26.3 percent previously.
Reliance Industries Limited purchased a 12.7 per cent stake in skyTran in October 2018. It increased its stake to 17.37 per cent in November 2019 and to 26.3 percent in April 2020.
Reliance Industries chairman and managing director Mukesh Ambani said, “Our acquisition of a majority equity stake in skyTran reflects our dedication to invest in developing futuristic technology that will change the planet.”
RIL said in a regulatory filing that “skyTran has developed groundbreaking passive magnetic levitation & propulsion technologies for deploying personal transportation systems aimed at solving the issue of traffic congestion globally.”
“We’re enthralled by skyTran’s capacity to revolutionize high-speed intra-city and inter-city access, including its promise to include an elevated, highly efficient, and budget ‘Transportation-as-a-Service’ system for India as well as the rest of the world,” says the group.” Ambani stated.
SkyTran created the technologies to make Smart Mobility Services. National venture capital investors including Tech Endeavors backed it up.
“We are optimistic that a non-polluting high-speed personal sustainable transit network can protect the environment by facilitating the efficient use of green energies and reducing air and noise emissions”, added the organization.
Reliance Industries’ legal counsel and IP counsel is Covington & Burling LLP and Freshfields Bruckhaus Deringer US LLP, respectively.