Reliance Strategic Business Ventures Limited (RSBVL) on Sunday announced that it has acquired an additional equity stake in its investee company skyTran Inc. (skyTran) for US $26.76 million, thereby increasing its shareholding to 54.46 percent. RSBVL is a wholly-owned subsidiary of Reliance Industries Limited.

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skyTran is a technology company incorporated under the laws of Delaware, the US. It has developed a breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Our acquiring majority equity stake in skyTran reflects our commitment to investing in building futuristic technologies that would transform the world. We are excited by skyTran’s potential to achieve an order of magnitude impact on highspeed intra and inter-city connectivity and its ability to provide a high speed, highly efficient and economical ‘Transportation-As-AService’ platform for India and the Rest of the World. We firmly believe that non-polluting high speed personal rapid transportation system will help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in air and noise pollution.”

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First Published:Feb 28, 2021 9:32 PM IST