Reliance Industries takes majority stake in pod cars developer skyTran
Reliance Industries said that its fully-owned subsidiary Reliance Strategic Business Ventures (RSBVL), has acquired an additional stake in skyTran, a US-based pod cars developer, for $26.76 million.
The deal enables the Indian conglomerate to boost its stake in the personal rapid transit system developer to 54.46%.
skyTran has developed a passive magnetic levitation and propulsion technology for developing personal transportation systems, which could address the plaguing issue of traffic congestion across the world.
Its personal rapid transit systems are planned to have computer-controlled passenger pods that can run on its Passive Magnetic Levitation technology. The pod cars will employ the latest IT, loT, telecom, and advanced materials technologies for the transportation of people.
The smart mobility solutions provider has been backed by Innovation Endeavors and other investors.
Mukesh Ambani – Chairman and Managing Director of Reliance Industries said “Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world.
“We are excited by skyTran’s potential to achieve an order of magnitude impact on highspeed intra and inter-city connectivity and its ability to provide a high speed, highly efficient and economical ‘Transportation-As-A-Service’ platform for India and the Rest of the World.
“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.”