Reliance Strategic Business secures additional equity stake in skyTran

Date: 2021-03-01   Author: Pankaj Singh  Category: #news

Reliance Strategic Business secures additional equity stake in skyTran

Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited, has recently acquired an additional equity stake in skyTran Inc, an investee company. This additional stake was acquired for a $26.76 million consideration, surging its shareholding to 54.46% on a fully diluted basis.

Incorporated under the laws of Delaware in the U.S., skyTran is a technology company and has developed a ground-breaking passive magnetic levitation & propulsion technology to implement personal transportation systems. This system implementation is aimed at solving issues related to traffic congestion across the globe.

As per the statement made by Mukesh Ambani, Chairman of RIL, the recent acquisition of a majority stake in skyTran demonstrates the company’s commitment towards significant investments in futuristic technologies to ensure high business transformation. It is planning to leverage the robust potential of the technology company to attain order of magnitude impacts on the high-speed inter- and intra-city connectivity as well as its ability to deliver economical, efficient, and high-speed ‘transportation-as-a-service’ platform in the country and across the globe.

Mr. Ambani further cited that the company is aware of the strong potential of the non-polluting high-speed personal rapid transportation system to facilitate environmental sustainability via efficient usage of alternative energy. This high potential of the systems will create a direct impact on the reduction of air and noise pollutions. The proposed transportation systems of skyTran will also consist of the computer-controlled passenger pods that run on its patented and state-of-the-art Passive Magnetic Levitation technology. The systems are also expected to aid in the rapid, safe, sustainable, and economical transportation of passengers via the adoption of cutting-edge technologies such as IoT, telecom, and Advanced Materials technologies.

For the recent stake acquisition agreement, Freshfields Bruckhaus Deringer US LLP and Covington & Burling LLP served as the IP counsel and legal counsel respectively to RIL.

Source credit:

https://www.moneycontrol.com/news/business/ril-acquires-majority-equity-stake-in-skytran-6585731.html



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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