Mukesh Ambani-controlled Reliance Industries Ltd (RIL) on Wednesday said its wholly owned subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL), acquired 12.7 percent stake (on fully diluted basis) in SkyTran Inc, a US venture-funded technology company.

RIIHL has made a strategic investment into SkyTran, with an option to further invest an amount up to $25 million in convertible notes, the company said in a release.

SkyTran, which has partnered with National Aeronautics and Space Administration (NASA) in the US and Israel Aerospace Industries (IAI) in Israel, has developed breakthrough magnetic levitation technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.

Reliance would play an active role in advancing the SkyTran solution, especially in telecom (4G/5G/IoT/Giga Fiber), digital platforms and services, advanced materials and electric batteries, the release added.

Akash Ambani, director, Reliance Jio, said, "Our partnership with SkyTran reflects our commitment to invest in futuristic technologies. Reliance is well-poised to capitalise on its existing business portfolio and capabilities to accelerate the development of SkyTran across the world and especially in India."

John Cole, founder and CEO at SkyTran, said, "We are excited to be working with Reliance. Reliance brings tremendous infrastructure and technical expertise and the ability to execute at the largest scale. We believe our partnership with Reliance has the potential to improve the lives of people in India and across the globe.”

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First Published:Oct 17, 2018 9:07 PM IST