RELIANCE ACQUIRES MAJORITY EQUITY STAKE IN SKYTRAN INC.
Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly owned subsidiary of Reliance Industries Limited, announced that it has acquired additional equity stake in its investee company skyTran Inc. (“skyTran”) for a consideration of USD 26.76 million increasing its shareholding to 54.46% on a fully diluted basis.
skyTran is a technology company incorporated under the laws of Delaware, United States of America (USA) in 2011. skyTran has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.
The technology has been developed by skyTran to create Smart Mobility Solutions. 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 cutting edge IT, Telecom, loT and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner. It is also supported by notable global venture capital investors such as Innovation Endeavors.
The law firms Covington & Burling LLP and Freshfields Bruckhaus Deringer US LLP acted as legal counsel and IP counsel respectively to Reliance Industries.
Mumbai, 28th February 2021
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