Reliance increases stake in US-based SkyTran to 26.3 pc

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Mukesh Amb-led Reliance Industries, has increased its stake in US-based SkyTran Inc, a venture-funded technology company developing modern transport modes including personal rapid transit system.

RSBVL had acquired convertible notes in two tranches, the first one on November 29 last year and the second one on March 23 this year which got converted into shares of SkyTran Inc on April 27 upon certain conditions being satisfied.

"Consequent upon this, the shareholding of RSBVL in SkyTran Inc stood increased to 26.31 per cent on a fully diluted basis," Reliance Industries said in regulatory filings at stock exchanges.

No regulatory approvals were required in India for the acquisition of shares, it added.

SkyTran, which has partnered with National Aeronautics and Space Administration (NASA) in the United States and Israel Aerospace Industries (IAI) in Israel, has developed magnetic levitation technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.

Reliance has reportedly invested in SkyTran to play an active role in advancing solutions, especially in telecom, digital platforms and services, advanced materials and electric batteries.

( With inputs from ANI )