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Reliance acquires majority stake in US smart mobility firm SkyTran domain-b.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from domain-b.com Daily Mail and Mail on Sunday newspapers.
Elon Musk could face a stiff challenge from India’s richest person Mukesh Ambani as Tesla Inc.’s (NASDAQ: TSLA) founder intensifies focus on expanding his business in the South Asian nation. What Happened: Ambani’s Reliance Industries said Sunday it has acquired a majority stake in skyTran Inc., a U.S.-based transportation company that competes with Musk’s Hyperloop in making pod taxis. Reliance Industries made the acquisition through its subsidiary, Reliance Strategic Business Ventures. See also: How to Invest in the Indian Stock Market The proposed skyTran transportation systems will feature computer-controlled passenger pods running on patented passive magnetic levitation and propulsion technology to transport passengers. The pods are expected to attain speeds of up to 240 kilometers per hour. Why It Matters: The two billionaires are also expected to compete against each other in the field of electric vehicles. Since the beginning of this year, there has ....
Mumbai (Maharashtra) [India], February 28 (ANI): Reliance Strategic Business Ventures Limited (RSBVL) announced that it has acquired an additional equity stake in its investee company skyTran for a consideration of USD 26.76 million increasing its shareholding to 54.46 per cent on a fully diluted basis. ....