Reliance acquires 12.7% stake in US-based SkyTran

Reliance acquires 12.7% stake in US-based SkyTran

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Date of Post: 23 Oct, 2018

Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL (Reliance Industries Limited), has acquired 12.7% stake in US-based SkyTran Inc. The company said in a statement,“Reliance has made a strategic investment into SkyTran as part of SkyTran’s recently concluded preferred stock financing, with an option to further invest an amount up to $ 25 million in convertible notes, subject to SkyTran’s board approval.”

More Information:

  • SkyTran is a venture-funded technology company developing modern transport modes, including personal rapid transit system.
  • Reliance has made the investment in SkyTran with the aim to foster a partnership in India, where it would work closely with them to develop pilot implementations followed by implementation of its network in the country at scale, it said.
  • Reliance would play an active role in advancing the SkyTran solution, especially in telecom, digital platforms and services, advanced materials and electric batteries.
  • Reliance would also nominate a director on the board of SkyTran.
  • “Our partnership with SkyTran reflects our commitment to invest in futuristic technologies,” speaking on this transaction, Akash Ambani, Director, Reliance Jio, said.
  • “Reliance brings tremendous infrastructure and technical expertise and the ability to execute at the largest scale,” John Cole, Founder and CEO at SkyTran, said.

To know more about recent developments of Railways-

23 Oct, 2018 : ITD Cementation India Bags Orders Valued over Rs 1,066 Crore

22 Oct, 2018 : Indian Railways prepares Rs 35,000 Crore Plan for Electrification of All Rail Lines Across the Country

22 Oct, 2018 : SAIL Gearing Up for Supply of Wheels for LHB Coaches to Indian Railways


Image Credit: SkyTran


Author:

Deepak Kumar is a part of the content team of Rail Analysis India as a writer and analyst .
His focus is on new initiatives on the Railway Sector of India .
Please reach us at editor@railanalysis.com for more information .


 

 

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