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Reliance Industries hikes stake in skyTran Inc to 54.46% for $26.76 million

Reliance Industries’ wholly-owned subsidiary Reliance Strategic Business Ventures Limited acquired an additional equity stake in its investee company skyTran Inc.

Moreover, RSBVL garnered additional equity stake for a consideration of $26.76 million hiking its shareholding to 54.46 per cent.

RSBVL in April 2020 had increased its stake in SkyTran to 26.31 per cent from the previous 17.37 per cent.

However, RIL is set to develop India’s first pod taxi prototype, a driverless personal rapid transit system.

The government had given a green signal to test three of these rapid transport systems in 2017.

SkyTran has designed ‘passive magnetic levitation & propulsion technology’ to transport people and solve the traffic congestion problem globally.

The proposed skyTran transportation systems would include computer-controlled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation Technology.

Moreover, the purpose is to use it for cutting edge IT, Telecom, loT and Advanced Materials technologies.

This will help transport passengers in a fast, safe, green, and economical manner.

Global venture capital investors like Innovation Endeavors support skyTran, a technology company incorporated under the laws of Delaware, US, in 2011.

The non-polluting high speed personal rapid transportation system will also help facilitate environmental sustainability via efficient use of alternative energy.

In fact, it will result in a significant decline in air and noise pollution.

Reliance CMD Mukesh Ambani stated that the aim is to invest in building futuristic technologies that would transform the world.

Law firms Covington & Burling LLP and Freshfields Bruckhaus Deringer US LLP were legal counsel and IP counsel to RIL.

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