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.”
- 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.
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Image Credit: SkyTran
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