EVs driving India's Next Growth Story: MoS (See 'Corp Brief') Meditation is scientific tool for stress management and neuroplasticity: Experts (See 'Corp Brief') Misc - Directors of company under winding up are statutorily bound under Section 454 of Companies Act, to make full and accurate disclosure of assets: HC (See 'Legal Desk') Mandaviya leads 1st Anniversary Celebrations of Fit India Sundays on Cycle in Puducherry (See 'Corp Brief') MoHUA launches 10th Swachh Survekshan (See 'Corp Brief') Misc - Once CIRP is initiated, all claims against corporate debtor must be routed through insolvency process: HC (See 'Legal Desk') Centre releases grants of Rs 94 Crores for PRIs in Uttarakhand (See 'Corp Brief') New Logo for RRBs signifying single and unified brand identity unveiled (See 'Corp Brief') PMVBRY aims to incentivise creation of over 3.5 crore jobs over 2 years (See 'Corp Brief') IPR - Pharmaceutical guidelines illustrate that if combination of two prior art documents fails to provide result as claimed in invention in question, then teaching of prior art documents is considered to be teaching away: HC (See 'Legal Desk') Ministry of Parliamentary Affairs transforming functioning into paperless ecosystem (See 'Corp Brief') Scindia chairs review meeting on Matabari Tourism Circuit Development in Tripura (See 'Corp Brief') IPR - If Novartis had consciously waived its right to cross-examination by electing to file rebuttal evidence, there are no valid grounds to challenge Controller's order: HC (See 'Legal Desk') WHO Global Summit on Traditional Medicine Commences in New Delhi (See 'Corp Brief') MoS delivers national statement at UN on outcomes of World Summit on the Information Society (See 'Corp Brief') PM MITRA Parks anchored in 5F vision generating huge investment interest (See 'Corp Brief') IPR - While assessing 'prior art', mere similarity is insufficient and visual distinction matters, and for prior art to invalidate design, it must be clearly established and comparable in relevant features: HC (See 'Legal Desk') Steps taken to strengthen security of cyber ecosystem (See 'Corp Brief') ICG Ship Sarthak makes Strategic Port Call at Chabahar (See 'Corp Brief') IPR - On being satisfied that brand or mark has acquired status which is well known, there ought to be order directing that no individuals should be allowed to register UPI Ids or VPAs with said brand names: HC (See 'Legal Desk') CCI okays acquisition of paper & pulp manufacturing business of ABREL by ITC Ltd (See 'Corp Brief') CCI okays acquisition of equity stake in Logisteed Holdings, Ltd. by Japan Post Co., Ltd. (See 'Corp Brief') CCI nod to proposed combination involving acquisition of minority shareholding in DCX Global Limited by Coinbase Global Inc. (See 'Corp Brief') IBC - Compromise between bank and co-guarantor did not extinguish liability of other guarantors, who issued separate, enforceable undertakings: 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.