Reliance Industries’ (RIL) wholly owned subsidiary — Reliance Industrial Investments and Holdings has successfully acquired 12.7% shareholding (on fully diluted basis) in SkyTran Inc. (SkyTran), a US incorporated venture-funded technology company developing state of the art technology in the field of Personal Rapid Transit Systems.
The company 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 scale. RIL 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 upto $25 million in convertible notes, subject to SkyTran’s Board approval.
RIL is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.