RIL acquires additional equity stake of $26.76 million in skyTran

Reliance Industries, through a subsidiary of Reliance Strategic Business Ventures on Sunday, acquired an additional equity stake in its investee company skyTran Inc. for a consideration of $26.76 million. With this, RSBVL’s shareholding in a US-based tech firm increased to “54.46% on a fully diluted basis,” from the existing 26.3%, the company said in a regulatory filing.

Reliance CMD Mukesh Ambani said that SkyTran has the ability to provide a high speed, highly efficient, and economical ‘Transportation-As-A-Service’ platform for intra-city and inter-city connectivity for India and also the rest of the world. “Our acquiring majority equity stake in SkyTran reflects our commitment to investing in building futuristic technologies that would transform the world,” said Mukesh Ambani.

In October 2018, Reliance Industries Limited had acquired a 12.7% stake in skyTran. In November 2019, it raised the stake to 17.37% and in April 2020, to 26.3%.

“Our acquiring majority equity stake in skyTran reflects our commitment to investing in building futuristic technologies that would transform the world,” said Mukesh Ambani, chairman and managing director of Reliance Industries. “skyTran has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally,” RIL said in a regulatory filing.

“skyTran is a US technology company. It has developed breakthrough passive magnetic levitation & 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,” the company said in a stock exchange filing. The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented passive magnetic levitation technology and would use cutting edge IT, Telecom, loT and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner. It is also supported by notable global venture capital investors such as innovation endeavours.

“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,” RIL chairman added. “Our acquiring majority equity stake in skyTran reflects our commitment to investing in building futuristic technologies that would transform the world,” added Ambani.

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