Reliance Strategic Business Ventures Ltd (RSBVL) has increased its equity stake in skyTran Inc to 54.56 per cent. The subsidiary of Reliance Industries Ltd (RIL), has acquired additional equity stake for a consideration of $26.76 million, increasing its shareholding to 54.46 percent on a fully diluted basis, said a statement by the company.
skyTran, a technology company incorporated under the laws of Delaware, US, in 2011, has
"developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally", the statement said.
RIL Chairman Mukesh Ambani said the acquisition of majority equity stake in skyTran reflects his conglomerate's commitment to invest in "building futuristic technologies that would transform the world", according to a report by Money Control.
"We are excited by skyTran’s potential to achieve an order of magnitude impact on high-speed 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," he added.
"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," Ambani further said.
