RIL Deal With SkyTran: Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has purchased an additional equity stake in Skytran Inc (SkyTran Inc). RSBVL reported that Reliance Industries’ stake in Skytrain Inc. has now increased to 54.46 per cent with a new investment of $ 26.76 million. Earlier, Reliance Industries had bought 12.7% stake of Skytrain in October 2018. Now it has increased to 54.46 percent.
Skytrain Inc. is a technology company, started in 2011 in the US under the laws of Delaware. The company has designed Passive Magnetic Leviteyan and Propulsion Technology to implement Personal Transportation System (PTS) to overcome the problem of traffic jam around the world. The company has developed this technology to create smart mobility solutions.
What to say about Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani said that our majority equity stake in Skytrain Inc. reflects our investment commitment in building world-changing futuristic technology in the times to come. He said that we are excited by Skytrain’s ability to provide high-speed intra and inter-city connectivity with a highly efficient and affordable transport-as-a-service platform.
Help reduce pollution
The RIL chairman expressed confidence that with the help of pollution-free high-speed personal rapid transportation system, there will be an effective reduction in air and noise pollution. The use of alternative fuels in this will also benefit the environment. He said that the non-polluting high speed transportation system would help in an effective reduction in air and noise pollution by facilitating environmental sustainability through efficient use of alternative energy.