LiveIndex
Reliance Industries Ltd (RIL) acquired an additional 28.16 per cent stake in US-based skyTran Inc. through its subsidiary Reliance Strategic Business Ventures Ltd (RSBVL) acquired for $26.76 million.
The additional equity stake increased Reliance’s shareholding to 54.46 per cent on a fully diluted basis. It previously owned 26.3% of skyTran’s shares.
“The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation technology and would use cutting edge IT, Telecom, loT and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner,” said RIL in a regulatory filing.
skyTran is a company that first introduced the concept of autonomous, zero-emission vehicles arrowing above congested streets.