Govt notifies 2 New SEZs in Puducherry (See 'Corp Brief') Govt of Odisha, Intel and 3DGS ink MoU to bring substrate manufacturing technology to India (See 'Corp Brief') NITI Aayog releases 'Future of India's Semiconductor Industry' Roadmap (See 'Corp Brief') Goyal meets US industry leaders in NY (See 'Corp Brief') Govt hosts Roadshow for Promotion of Lignite Gasification Projects (See 'Corp Brief') Team Agriculture at Kharif Conclave; farming will get a new direction: Chouhan (See 'Corp Brief') A&C - Order of arbitral tribunal accepting objection that it lacks jurisdiction over party sought to be impleaded as non-signatory veritable party is appealable u/s 37(2)(a) of Arbitration Act: HC (See 'Legal Desk') Vaishnaw holds meeting with industry on Revamp of AI Curriculum (See 'Corp Brief') Khadse calls for Mission-Mode People's Movement Against Drug Abuse (See 'Corp Brief') Cooperative Sugar Sector to be strengthened through Circular Economy Model (See 'Corp Brief') IBC - Term loans are repayable through continuing instalment schedules, limitation for Section 7 proceedings is not exhausted merely because some earliest instalments may have become time-barred: NCLT (See 'Legal Desk') First Indigenous Hydrogen Train all set to start (See 'Corp Brief') NI Act - If directors are vicariously liable u/s 141 of NI Act and are themselves undergoing insolvency or bankruptcy, they are not entitled to benefit of moratorium in respect of their personal criminal liability u/s 138 of NI Act: SC (See 'Legal Desk') Ministry of Coal to Organize Roadshow on Surface Coal & Lignite Gasification Projects (See 'Corp Brief') IBC - Appeal without certified copy of impugned order, and without application for exemption from filing certified copy, is wholly incompetent appeal that does not satisfy essential requirements under NCLAT Rules: SC (See 'Legal Desk') DFS organises Credit Outreach Programme at Udaipur, Tripura (See 'Corp Brief') Competition Law - Competition Act did not confer any power on CCI to keep approval u/s 31(1) in respect of Amazon-Future coupon investment, in abeyance or compel fresh Form II filing after approval: SC (See 'Legal Desk') Experts deliberate on Standardised Coding System for Ayurveda under WHO-ICHI Initiative (See 'Corp Brief') IPR - Confusion at initial stage is sufficient to attract infringement: HC (See 'Legal Desk') DFS reviews Performance of North-East RRBs (See 'Corp Brief') IISc-led Semiconductor Training Initiative records Massive Growth in Tribal Youth Participation (See 'Corp Brief') CCI approves JV between Mercuria Energy & Tata International (See 'Corp Brief') CCI approves merger of Indovida India with and into EPL Limited (See 'Corp Brief') Union Minister launches PM-AJAY Portal & AJAY Mobile App to digitize SC welfare schemes (See 'Corp Brief') A&C - SpiceJet is directed to deposit outstanding amount immediately while also applying costs: HC (See 'Legal Desk') Gadkari reviews Monsoon Preparedness for Safer Highways (See 'Corp Brief') Skymap Pharmaceuticals approved as Strategic Buyer for disinvestment of IMPCL (See 'Corp Brief') PM-WANI Ecosystem undergoes Comprehensive Transformation to enable Inclusive Digital Connectivity (See 'Corp Brief') Sales of Khadi and Village Industry Products surpasses Rs 1.87 Lakh Crore-mark (See 'Corp Brief') SARFAESI - Suit's substantive reliefs concern specific performance and enforcement of agreements, plaint cannot be rejected at threshold under Order VII Rule 11 CPC merely because SARFAESI measures are also in background: HC (See 'Legal Desk') Reddy directs Agencies to Fast-Track Pending Mining & Exploration Projects (See 'Corp Brief') Meghalaya Minister discusses STI Hubs for Tribal Communities in Northeast with MoS (See 'Corp Brief') Govt strengthening Preventive Healthcare through Yoga and Naturopathy: Jadhav (See 'Corp Brief') Gadkari reviews NH Projects in Rajasthan and HP (See 'Corp Brief') Secretary reviews Progress of Mineral Block Auctions and Operationalisation (See 'Corp Brief') FERA - Receipt by person in India of Indian currency through cheque drawn on NRE account, even if that account had been funded by foreign currency deposits, does not by itself constitute contravention of Sec 8(1): HC (See 'Legal Desk') Parcel and Logistics Services register 70% growth; Revenue Potential pegged at Rs.10,000 Crore (See 'Corp Brief') Department of Consumer Affairs holds stakeholder meeting on Different Pack Sizes for Edible Oils (See 'Corp Brief') 'Spice and Heal' Initiative can Position India as Global Wellness Leader: Jadhav (See 'Corp Brief') Competition Act - Allegations relating to use of unlicensed/private vehicles & regulatory violations is not competition law issue u/s 3 and 4 of Competition Act: CCI (See 'Legal Desk') Moratorium under the IBC (See CORP EINSICHT) NMDC launches Summer Camp for 1700 Children in Dakshin Bastar (See 'Corp Brief') Benami Act - Confiscation under Benami Act is civil consequence and distinct from prosecution: SC (See 'Legal Desk') 'Janjati Samagam' will, in coming years, gain global recognition as Kumbh of tribal communities (See 'Corp Brief') At Siliguri's 19th employment fair, 82 young people receive appointment letters (See 'Corp Brief') IBC - During subsistence of moratorium u/s 14 IBC, lessor cannot terminate subsisting lease and recover possession of leased property occupied by corporate debtor by invoking contractual breach clauses: HC (See 'Legal Desk')

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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."

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