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%.
Reliance Industries ups stake in skyTran Inc to 54.46% for $26.76 million
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Synopsis
The acquisition of a majority stake in the technology company that develops pod car transport systems is a part of the company’s strategy to use Reliance Industries as a platform to develop new technologies.
Reuters
Reliance Industries, through a subsidiary Reliance Strategic Business Ventures, has increased its stake in skyTran Inc to 54.46% from 26.3% earlier with an additional investment of $26.76 million, the conglomerate said late Sunday.
The acquisition of a majority stake in the technology company that develops pod car transport systems is a part of the company’s strategy to use Reliance Industries as a platform to develop new technologies.
The Mukesh Ambani-led company has increased its shareholding in US-based technology company skyTran Inc to 54.46 per cent for $26.76 million (around Rs 196.94 crore)