Underscoring its emphasis on eco-friendly transportation systems, Reliance Industries Limited has more than doubled its stake in SkyTran to 54.46 per cent from 26.3 per cent on a fully diluted basis for $26.76 million, reports HT.
Reportedly, Mukesh Ambani-led RIL first invested in SkyTran in October 2018, taking a 12.7 per cent stake in the company. In November 2019, it raised the stake to 17.37 per cent and in April 2020, to 26.3 per cent.
The Mumbai-based company provided the above information in a regulatory filing.
Founded in 2011, SkyTran is a venture-funded developer of pod car transport systems - a driverless personal rapid transit system which runs along a predetermined course either through overhead suspension or magnetic levitation.
Partnering with the National Aeronautics and Space Administration (Nasa) in the US and Israel Aerospace Industries (IAI), SkyTran aims to solve traffic congestion globally by creating a high-speed, scalable and low-cost transport system.
“We firmly believe that non-polluting high speed personal rapid transportation system will help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in air and noise pollution,” Ambani was quoted as saying.
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