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Reliance Increases Stake In US-based SkyTran
The stake acquired for USD 15 million takes Reliance Strategic Business Ventures' total shareholding to 62.83 per cent on a fully diluted basis
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Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, on 28 October, said that it has acquired an additional stake in skyTran.
The stake acquired for USD 15 million takes Reliance Strategic Business Ventures' total shareholding to 62.83 per cent on a fully diluted basis.
skyTran, incorporated under the laws of Delaware, US, in 2011, has developed "breakthrough passive magnetic levitation and propulsion technology for implementing personal transport systems aimed at solving the problem of traffic congestion globally."
In February 2021, the Reliance unit increased its stake in skyTran to 54.46 per cent from 26.3 per cent with an investment of USD 26.76 million.