Reliance Industries invest additional $26.75 mn in skyTran Inc to acquire a majority share

Reliance Industries Ltd wholly-owned subsidiary Reliance Strategic Business Ventures (RSBVL) has acquired additional equity shares in skyTran Inc.

In a filing with the exchange, Reliance Industries said, “Reliance Strategic Business Ventures Ltd (RSBVL) a wholly-owned subsidiary of Reliance Industries Ltd has acquired an additional 26.31% of the equity in its investee company skyTran Inc.”

“RSBVL has invested an additional $26.75 million in skyTran Inc, increasing its shareholding to 54.46 equity shares on a fully diluted basis,” the filing said.

Speaking on the acquisition, Reliance Industries Ltd Chairman & Managing Director Mukesh Ambani said,  “Our acquiring majority equity stake in skyTran reflects our commitment to investing in building futuristic technologies that would transform the world. We are excited by skyTran’s potential to achieve an order of magnitude impact on high-speed 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.” 

“We firmly believe that non-polluting high-speed personal rapid transportation systems will help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in air and noise pollution,” Ambani added.