Reliance Strategic Business Ventures Limited (RSBVL) said on Sunday that it has acquired additional equity stake in its investee company skyTran Inc. for a consideration of $26.76 million. With this, RSBVL's shareholding in US-based tech firm increased to ‘54.46 percent on a fully diluted basis’, from the existing 26.3 percent, the company said in a regulatory filing. Reliance Strategic Business Ventures Limited is a wholly owned subsidiary of Reliance Industries Limited.
In October 2018, Reliance Industries Limited had acquired a 12.7 percent stake in skyTran. In November 2019, it raised the stake to 17.37 percent and in April 2020, to 26.3percent.
“Our acquiring majority equity stake in skyTran reflects our commitment to invest 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.
"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 added.
"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-A-Service’ platform for India and the Rest of the World," Ambani mentioned.
The technology was developed by skyTran to create Smart Mobility Solutions. It was supported by global venture capital investors such as Innovation Endeavors.
"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.