CCI okays proposed acquisition of certain stake in Schneider Electric India Pvt Ltd & Schneider Electric JV Holdings 2 Pte. Ltd. (See 'Corp Brief') CCI nod to proposed combination involving Curefit, Cultfit & Fitness First Luxembourg (See 'Corp Brief') SARFAESI - Provident fund dues must be paid out first from auction proceeds of defunct factory, ahead of claims of secured creditor (the bank), with remaining amounts to satisfy other debts: SC (See 'Legal Desk') India Post unveils Kerala's First Gen-Z Post Office Extension Counter at CMS College, Kottayam (See 'Corp Brief') Global Organic Market rises; India strengthens Exports with Revised NPOP (See 'Corp Brief') A&C - Mere use of term 'arbitration' in contractual clause does not by itself establish binding intent to arbitrate unless parties have clearly agreed to resolve their disputes through that process: SC (See 'Legal Desk') MOIL achieves Best-Ever November Production and Sales Performance (See 'Corp Brief') Power Minister commences COD of 250 MW 3rd Unit of Tehri Variable Speed PSP (See 'Corp Brief') Misc - Adequate treatment is available domestically, mere preference for foreign medical facility does not justify permitting accused facing serious economic-offence allegations to leave jurisdiction: HC (See 'Legal Desk') MoS flags Off Tirupati-Sainagar Shirdi Express (See 'Corp Brief') A&C - No party can invoke Section 11 after competent civil court has already rejected Section 8 application by holding that arbitration clause does not constitute arbitration agreement: HC (See 'Legal Desk') FAME outreach, Niveshak Didi scheme promoting safe banking practices: MoS (See 'Corp Brief') Rail Infra proposals Reviewed to Strengthen Integrated Logistics Network (See 'Corp Brief') IBC - Regulation 2B(3) will not justify unilateral forfeiture of entire Earnest Money Deposit, when scheme is rejected on technical grounds: IBBI (See 'Legal Desk') Smart Metering Adoption: 4.76 Crore Smart Meters installed (See 'Corp Brief') UDBHAV 2025: Telangana tops Medal Tally as Tribal Talent shines nationwide (See 'Corp Brief') PMLA - FIRs being fundamental documents based on which entire case was initiated by ED, failure to serve same is fatal omission on part of enforcement directorate: SAFEMA TRIBUNAL (See 'Legal Desk') Australia-India Education and Skills Council meeting to be held in New Delhi (See 'Corp Brief') RM appeals for generous contributions to Armed Forces Flag Day Fund (See 'Corp Brief') The Human Impact of Raipur-Vizag Corridor (See 'Corp Brief') A&C - Court's scope of inquiry u/s 11 is limited to prima facie examination of existence of arbitration agreement while adjudication u/s 8 is to be made for both existence & validity: HC (See 'Legal Desk') HM inaugurates newly-constructed Bio-CNG and Fertilizer Plant by Banas Dairy (See 'Corp Brief') NMDC signs MoU with IIT Kanpur to strengthen Cybersecurity (See 'Corp Brief') Misc - Decision of Lokpal cannot be challenged in judicial review if there is no procedural infirmity or irregularity in manner in which either CVC or Lokpal conducted inquiry: HC (See 'Legal Desk')

Print

Reliance acquires majority stake in SkyTran

Published: Mar 01, 2021

By TIOLCORPLAWS News Service

MUMBAI, MARCH 01, 2021: RELIANCE Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of Reliance Industries Limited, announced that it has acquired additional equity stake in its investee company skyTran Inc. (skyTran) for a consideration of USD 26.76 million increasing its shareholding to 54.46% on a fully diluted basis. SkyTran is a technology company incorporated under the laws of Delaware, United States of America (USA) in 2011. SkyTran has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. The technology has been developed by skyTran to create Smart Mobility Solutions. The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation technology and would use cutting edge IT, Telecom and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner. It is also supported by notable global venture capital investors such as Innovation Endeavors. Mr. 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."

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.