Reliance Industries’ subsidiary -- Reliance Strategic Business Ventures has raised its shareholding in investee company skyTran Inc to 54.46 percent, acquiring additional equity stake for consideration of $26.76 million (Rs 196.9 crore). A technology company incorporated under the laws of Delaware, US, skyTran has developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. Acquiring majority equity stake in skyTran reflects the company's commitment to invest in building futuristic technologies that would transform the world.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
