Reliance Industries’ wholly-owned subsidiary -- Reliance New Energy (RNEL) has entered into an agreement with Altigreen Propulsion Labs (Altigreen) for subscription of 34000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore. The transaction is proposed to be completed before March 2022.
Based out of Bengaluru India Altigreen is an electric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles. It has developed an E3W vehicle and its vehicles are built in-house in Bangalore India on a mobility platform that is 100% indigenous. The investment is part of company's strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems.
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.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1388.15 |
| Indian Oil Corp. | 140.35 |
| BPCL | 294.55 |
| HPCL | 377.65 |
| MRPL | 160.50 |
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