Reliance Industries subsidiary increases SkyTran US stake.

HomeBusinessReliance Industries subsidiary increases SkyTran US stake.

Published on

October 30, 2022

On October 28, Reliance Strategic Business Ventures Ltd (RSBVL), a fully owned subsidiary of Reliance Industries Ltd (RIL), purchased further share in skyTran Inc.
Reliance Strategic Business Ventures’ fully diluted equity is 62.83 percent after the $15 million (Rs 123.4 crore) purchase.
In 2011, Delaware-incorporated skyTran “discovered breakthrough passive magnetic levitation and propulsion technology for deploying personal transport systems targeted at easing the problem of traffic congestion globally”.