Reliance New Buying: Reliance, the country’s largest company in terms of market capital, has announced to buy a stake in an EV tech company.
Reliance New Buying: Reliance, the country’s largest company in terms of market capital, has announced to buy a stake in an EV tech company. Today Thursday (February 10) Reliance has announced to buy a stake in Electric Vehicle (EV) technology and solutions company Altigreen Propulsion Labs Pvt Ltd (Altigreen Propulsion Labs Pvt Ltd), a deal worth Rs 50.16 crore.
Reliance informed that its subsidiary Reliance New Energy Limited (RNEL) has entered into an agreement with Altgreen. Under this agreement, Reliance’s subsidiary will subscribe to AltGreen’s 24 thousand Series-A Compulsory Convertible Preference Shares worth Rs 50.16 crore with a face value of Rs 100. This disclosure has come from the regulatory filing.
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The deal does not require any regulatory or government approval
The company has informed that this deal does not require approval from any government or regulatory body. The deal is expected to be completed before March 2022, according to regulatory filings. The deal is about Rs 50.16 crore but it has not been disclosed how much shareholding will be in Reliance’s EV tech company AltGreen after this deal.
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Altigreen’s turnover in FY 2021 is Rs 103.82 lakh
AltGreen is a Bangalore-based Electric Vehicle Technology and Solutions Company for commercial last-mile transportation through two-wheeler, three-wheeler and four-wheeler vehicles. The company has developed the E3W vehicle and its vehicles are completely built on the indigenous mobility platform. It currently has 60 country and 26 global patents in its patent portfolio. It holds patents related to electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics and IoT (Internet of Things) and battery management.
On the deal with Reliance, AltGreen says it is a part of the company’s strategic partnership with innovative companies in the new energy and new mobility ecosystem. This company was started about nine years ago on 8 February 2013 and its turnover in 2020-21 was Rs 103.82 lakh.
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