Reliance makes strategic investment in SkyTran Inc
October 17, 2018
Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL, said Wednesday it has acquired 12.7 per cent stake in US-based SkyTran Inc. SkyTran is a venture-funded technology company developing modern transport modes, including personal rapid transit system. Reliance has made a strategic investment into SkyTran as part of SkyTran’s recently concluded preferred stock financing, with an option to further invest an amount up to USD 25 million in in convertible notes, subject to SkyTran’s board approval. Reliance has made the investment in SkyTran with the aim to foster a partnership in India, where it would work closely with them to develop pilot implementations followed by implementation of its network in the country at scale. Reliance would play an active role in advancing the SkyTran solution, especially in telecom, digital platforms and services, advanced materials and electric batteries.