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RIL acquires majority stake in US-based skyTran Inc
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SME Times News Bureau | 28 Feb, 2021
Reliance Strategic Business Ventures Limited (RSBVL), a
wholly-owned subsidiary of Reliance Industries Limited (RIL), announced
on Sunday that it has acquired majority stake in its investee company
skyTran Inc for a consideration of $26.76 million.
With this transaction, RSBVL has increased its shareholding to 54.46 per cent on a fully diluted basis, RIL said in a statement.
Mukesh
Ambani, Chairman and Managing Director of RIL, said: "Our acquiring
majority equity stake in skyTran reflects our commitment to invest in
building futuristic technologies that would transform the world. We are
excited by skyTran's potential to achieve an order of magnitude impact
on highspeed intra and inter-city connectivity and its ability to
provide a high speed, highly efficient and economical
'Transportation-As-Service' platform for India and the rest of the
World."
"We firmly believe that non-polluting high speed personal
rapid transportation system will help facilitate environmental
sustainability through efficient use of alternative energy and make an
impactful reduction in air and noise pollution," he added.
skyTran
is a technology company incorporated under the laws of Delaware in the
US in 2011. It has developed breakthrough passive magnetic levitation
and propulsion technology for implementing personal transportation
systems aimed at solving the problem of traffic congestion globally. The
technology has been developed by skyTran to create smart mobility
solutions, said a company statement.
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