Reliance New Energy Limited (RNEL), a sister concern of Reliance Industries Limited today has announced it is signing a contract with Altigreen Propulsion Labs Private Limited. RNEL has taken the subscription of 34000 series A Convertible Preference Shares of order value ₹ 50 crores.
Mr. Mukesh Ambani had committed to invest $ 76 billion in renewable energy and the like over the next 3 years (2022 to 2025), so this is the RNEL’s strategic business intent of joining hands with the innovative companies in Electric Vehicles, New Mobility and New Energy ecosystems.
Interestingly for the RNEL and Altigreen’s negotiation, a regulatory of governments approval is not required and the settlement is expected to be completed before March 2022; RIL mentioned.
Altigreen is based out of the capital city of Karnataka, Bengaluru. It is into electric vehicle (EV) technology and provides solutions for the same. It helps in the commercial last-mile logistics with its two, three and four-wheeled vehicles.
