Reliance Industries acquires 12.7% stake in rapid transit system skyTran

Reliance has made a strategic investment into SkyTran as part of SkyTran's recently concluded Preferred Stock financing

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Reliance Industrial Investments and Holdings Ltd, a wholly owned subsidiary of RIL said that it has successfully acquired 12.7 percent shareholding (on a fully diluted basis) in SkyTran Inc. ("SkyTran").

Reliance Industries acquires 12.7% stake in skytran

 

SkyTran is a venture-funded technology company developing state of the art technology in the field of Personal Rapid Transit Systems.

Akash Ambani, Director, Reliance Jio, said: "Our partnership with SkyTran reflects our commitment to invest in futuristic technologies. Reliance is well-poised to capitalize on its existing business portfolio and capabilities to accelerate the development of SkyTran across the world and especially in India."

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 $25 million in convertible notes, subject to SkyTran's Board approved the company said in a statement.

It said Reliance has made the investment in SkyTran with the aim to foster an exclusive partnership in India, where it would work closely with SkyTran to develop pilot implementations followed by implementation of its network in India at

Reliance would play an active role in advancing the SkyTran solution, especially in Telecom (4G/5G/IoT/Giga Fiber), Digital Platforms and Services, Advanced Materials & Electric Batteries.

John Cole, Founder, and CEO at SkyTran, said "We are excited to be working with Reliance. Reliance brings tremendous infrastructure and technical expertise and the ability to execute on the largest scale. We believe our partnership with Reliance has the potential to improve the lives of people in India and across the globe."

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