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Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), announced on Sunday that it has acquired majority stake in its investee company skyTran Inc for a consideration of $26.76 million.
With this transaction, RSBVL has increased its shareholding to 54.46 per cent on a fully diluted basis, RIL said in a statement.
Mukesh Ambani, Chairman and Managing Director of RIL, said: Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world. 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-Service platform for India and the rest of the World.
Reliance acquires majority stake in US-based skyTran Inc - INDIA New England News indianewengland.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indianewengland.com Daily Mail and Mail on Sunday newspapers.
Read more about RIL buys majority stake in skyTran; invested in future tech, says Ambani on Business Standard. Shareholding of Indian entity at 54.46%; skyTran has developed breakthrough passive magnetic levitation & propulsion tech for personal transportation
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)