Mumbai, India (Urban Transport News): Reliance Strategic Business Ventures Limited (RSBVL), a subsidiary company of Billionaire Mukesh Ambani-led Reliance Industries' on Sunday said that it has acquired an additional equity stake in US-based skyTran Inc. for a consideration of US$26.76 million, increasing its shareholding to 54.46% from 26.3% on a fully diluted basis.
“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,” said Mukesh Ambani, chairman and managing director of Reliance Industries, adding our acquiring majority equity stake in skyTran reflects our commitment to investing in building futuristic technologies that would transform the world.
Founded in 2011, the US-based SkyTran aims to solve traffic congestion globally by creating a high-speed, scalable and low-cost transport system. The company has partnered with the National Aeronautics and Space Administration (NASA) in the US and Israel Aerospace Industries (IAI).
skyTran has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. The technology has been developed by skyTran to create Smart Mobility Solutions.
According to the company, the proposed public transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented passive magnetic levitation technology and would use cutting edge IT, Telecom, loT and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner. It is also supported by notable global venture capital investors such as innovation endeavors.
RSVBL first invested in SkyTran in October 2018, taking a 12.7% stake in the company. In November 2019, it raised the stake to 17.37% and in April 2020, to 26.3%.