Business

RIL acquires a majority stake in skyTran and Ambani says it is committed to future technology

Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary of Reliance Industries, acquired an additional stake in investee skyTran Inc. for $ 26.76 million, increasing its stake to 54.46% on a fully diluted basis.

SkyTran, a technology company founded in 2011 under the laws of Delaware, USA, said, “A groundbreaking passive to implement a personal transit system aimed at solving the problem of global traffic congestion. We have developed magnetic levitation and propulsion technology, “announced Sunday. Said.

RIL Chairman Mukesh Ambani said the acquisition of a majority stake in skyTran reflects his conglomerate’s commitment to investing in “building future technologies that will transform the world.”

The proposed skyTran transport system consists of computer-controlled passenger pods operating with state-of-the-art patented passive magnetic levitation technology, using state-of-the-art IT, telecom, LOT, and advanced materials technology to serve passengers. Transport at high speed. Safe, green, and economical way. It is also supported by well-known global venture capital investors, such as innovation initiatives.

“We offer skyTran’s potential to impact high-speed intercity and intercity connections by orders of magnitude, and provide a fast, efficient and economical” transportation as a service “platform to India and other regions. I’m excited about my ability. Of the world, “he added.

“We are confident that pollution-free high-speed personal rapid transit systems will help promote environmental sustainability through the efficient use of alternative energy and effectively reduce air pollution and noise pollution. “We are,” Ambani added.

Regarding the deal with skyTran, the law firms Covington & Burling LLP and Freshfields Bruckhaus Deringer US LLP have served as legal and IP advisors to Reliance Industries, respectively, the company said.

Disclaimer:Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust, which manages Network18 Media & Investments Ltd, which publishes News18.com.



RIL acquires a majority stake in skyTran and Ambani says it is committed to future technology

Source link RIL acquires a majority stake in skyTran and Ambani says it is committed to future technology

Related Articles

Back to top button