Invests USD 26.76 mn to hike its stake to 54.46% in skyTranReliance Strategic Business Ventures, a subsidiary of Reliance Industries, announced that it has acquired additional equity stake in its investee company skyTran Inc.
(skyTran) for a consideration of USD 26.76 million increasing its shareholding to
54.46% on a fully diluted basis.
skyTran is a technology company incorporated under the laws of Delaware, United
States of America (USA) in 2011. skyTran has developed breakthrough passive
magnetic levitation & propulsion technology for implementing personal
transportation systems aimed at solving the problem of traffic congestion globally.
The technology has been developed by skyTran to create Smart Mobility Solutions.