Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), said on October 28 it has acquired additional stake in skyTran Inc, the company announced on .
The stake acquired for $15 million (Rs 123.4 crore) takes Reliance Strategic Business Ventures' total shareholding to 62.83 percent on a fully diluted basis.
skyTran, incorporated under the laws of Delaware, US, in 2011 "developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transport systems aimed at solving the problem of traffic congestion globally".
In February 2021, the Reliance unit had increased its stake in skyTran to 54.46 percent from 26.3 percent with an investment of $26.76 million.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Moneycontrol.com
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
