Reliance buys 54% stake in US tech company Skytran, works on Smart Mobility Solution

RSBVL, a subsidiary of Reliance Industries Limited, has acquired Majesty's Stake in American tech company SkyTrain.

RSBVL, a subsidiary of Reliance Industries Limited, has acquired Majesty’s Stake in American tech company SkyTrain.

On acquiring the majestic stake in the US tech company Skytran, Chairman and Managing Director of Reliance Industries (RIL) Mukesh Ambani (Chairman & MD Mukesh Ambani) said that we are committed to investing in technology that will bring big change. The American tech company has worked on the rapid transit system. Also, Smart Mobility is working on solutions across the world including India.

  • News18No
  • Last Updated:February 28, 2021 9:02 PM IS

Mumbai. Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary of Reliance Industries Limited (RIL), has increased its stake in American technology company Skytran Inc. RSBVL said that Reliance’s shareholding in SkyTrain has increased to 54.46 percent with a new investment of $ 2.67 million. Understand in simple terms, the majority of RSBVL has become a major stake in Skytrain. Earlier, in October 2019, Reliance acquired a 12.7 per cent stake in SkyTrain, which has now increased to 54.46 per cent.

SkyTrain is a technology company that was started in 2011 in the US under the laws of Delaware. The company has designed Passive Magnetic Leviteyan and Propulsion Technology to implement Personal Transportation System (PTS) to overcome the problem of traffic jam around the world. SkyTrain developed this technology to produce smart mobility solutions (SMS). The traffic system proposed by the company will have computer-controlled passenger pods. It will include state-of-the-art information technology, telecom and other modern technologies. With this, passengers will reach from one place to another safely and fast. At the same time, the environment will also benefit.

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‘Committed to invest in big change-making technology’Mukesh Ambani (Chairman & MD Mukesh Ambani), Chairman and Managing Director of Reliance Industries (RIL), said that this investment shows our commitment to invest in future technology that will bring great change in the world. . He said that we are very excited by Skytrain’s ability to provide high speed, highly efficient and affordable transport service platforms to India and the rest of the world with high speed intra and intercity connectivity. The American tech company has worked on the rapid transit system. In addition, India is working on Smart Mobility Solution (SMS) worldwide.

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‘Reduction in pollution will also directly benefit the environment’
Reliance Chairman and MD Mukesh Ambani expressed confidence that air and noise pollution would be effectively reduced with the help of pollution-free high speed personal rapid transportation system. The use of alternative fuels in this will also benefit the environment. Law firm Covington & Burling LLP acted as legal advisor and Freshfields Bruckhaus Deringer as Intellectual Property Advisor for Reliance Industries. Let us know that Reliance Industries is the largest private sector company in India. The consolidated turnover of the company stood at Rs 6,59,205 crore and cash profit of Rs 71,446 crore in the financial year ended 31 March 2020. At the same time, the company’s net profit during this period has been Rs 39,880 crore.

(Disclaimer- News18 Hindi is part of Reliance Industries company Network18 Media & Investment Ltd.. Network18 Media & Investment Ltd is owned by Reliance Industries.)

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