RIL buys stake in Smart Mobility solutions company skyTran

Reliance Industries (RIL) has acquired additional equity stake in its investee company skyTran Inc., a Smart Mobility solutions company, for USD 26.76 million increasing its shareholding to 54.46 percent.

skyTran Inc Street SceneskyTran is a technology company incorporated under the laws of Delaware, United States of America (USA) in 2011. skyTran has developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.

The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its patented Passive Magnetic Levitation technology and would use cutting edge IT, telecom, loT and Advanced Materials technologies to transport passengers. It is also supported by notable global venture capital investors such as Innovation Endeavors.

Mukesh Ambani, chairman and managing director of Reliance Industries, said, “Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world.?

RIL is India’s largest private sector company, with a consolidated turnover of INR 659,205 crore ($87.1 billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR 39,880 crore ($5.3 billion) for the year ended March 31, 2020.