Reliance with additional funding from US-based firm acquires majority stake in SkyTran

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Reliance subsidiary Reliance Strategic Business Ventures Limited (RSBVL) has increased its holding in US-based urban transportation technology company Sky Tran developing pod taxis. According to the report issued on Sunday reliance will be raising its stake to 54.46% reaching a majority holding in the company. The company invested $26.76 million. RSCVL previously held a stake of 17.37% which was increased to 26.31 in April 2020. RSCVL in October 2018 first backed sky Tran by acquiring a stake of 12.7%.

According to Mukesh Ambani CMD of Reliance sky, Tran can produce high speed, highly efficient, and economical means of transportation for intra and inter-city needs in India and other nations. He also added that this acquisition showed reliance’s commitment towards developing futuristic technologies that can change the world for the better.

sky Tran was incorporated in 2011 has been developing transportation for people and solve traffic congestion around the globe.

The proposed transportation solution from sky Tran will include passenger pods controlled by computer, use IT, telecom, loT and transport passengers using advanced materials technology.

Global venture capital investors such as Innovation Endeavors also support Sky Tran.

Mukesh Ambani further added that their emphasis is on high-speed rapid transportation solutions that are environmentally sustainable. The alternative energy that can reduce air and noise pollution will also be used.

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