Reliance Industries on Thursday said its arm Reliance Strategic Business Ventures Limited (RSBVL) has increased its stake in US-based SkyTran Inc to 17.37 per cent.
In October last year, Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of the company, had acquired 12.7 per cent stake in SkyTran Inc.
Pursuant to a composite scheme of arrangement approved by the National Company Law Tribunal, Ahmedabad Bench, the investment in SkyTran by RIIHL has been now vested in RSBVL.
“On November 6, 2019, RSBVL has acquired further shares in SkyTran Inc to increase its shareholding in SkyTran Inc to 17.37 per cent on a fully diluted basis,” Reliance Industries said in a later night regulatory filing.
SkyTran is a venture-funded technology company developing modern transport modes, including personal rapid transit system. PTI MSS
Besides, Reliance Industries, SkyTran has raise investment from some of the world’s top tier investors, including Innovation Endeavors and Draper Associates. It was originally funded as a research project through the US Department of Transportation.
The skyTran network of computer-controlled, 2-person “jet-like” vehicles employs state-of-the-art passive Magnetic Levitation (Maglev) technology. The system transports passengers in a fast, safe, green, and economical manner. skyTran intends to revolutionize public transportation and, with it, urban and suburban commuting.