Reliance Industries Ltd on Sunday said it has acquired an additional equity stake in skyTran Inc for $26.76 million (Rs 197 crore) . The purchase would increase its shareholding to 54.46 per cent in skyTran which is is developing modern transport modes, including personal rapid transit systems.
Incorporated under the laws of Delaware, USA, in 2011, the company has developed technology for implementing personal transportation systems aimed at solving the problem of traffic congestion. A statement from RIL added that the technology has been developed by skyTran to create smart mobility solutions.The additional stake has been acquired by Reliance Strategic Business Ventures Ltd , a wholly owned RIL subsidiary.
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 IT, telecom, internet of things (IoT) and advanced materials technologies to transport passengers in a fast, safe, green, and economical manner.
The company is also supported by notable global venture capital investors such as Innovation Endeavors.
“Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world,’’ said Mukesh Ambani, chairman and managing director of RIL.
