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Reliance Industries arm increases stake in US-based SkyTran to over 17 per cent

IBEF:  November 08, 2019

Reliance Strategic Business Ventures Limited (RSBVL), arm of Reliance Industries has increased its stake in US-based SkyTran Inc to 17.37 per cent.

Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly owned subsidiary of the company, had acquired 12.7 per cent stake in SkyTran Inc last year in October.

According to a composite scheme of arrangement that is approved by the National Company Law Tribunal, Ahmedabad Bench, the investment in SkyTran by RIIHL has been now assigned to RSBVL.

"On November 6, 2019, RSBVL has acquired further shares in SkyTran Inc to increase its shareholding in SkyTran Inc to 17.37 per cent on a fully diluted basis," said Reliance Industries. 

SkyTran is a venture-funded technology company that works in developing modern transport modes, including personal rapid transit system.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.