Ministry of Coal reports Record-Breaking Production (See 'Corp Brief') PTC Saharanpur not just an Institution but a Living Legacy of Service: Scindia (See 'Corp Brief') IPR - Failure of party to file opposition to registration of trademark u/s 21 of Trade Marks Act, does not disentitle such genuinely aggrieved party from subsequently seeking revocation, cancellation, or rectification of said trademark: HC (See 'Legal Desk') Geological Survey of India concludes Field Season in Mineral Exploration (See 'Corp Brief') IndiaAI and CDSCO launch Health Innovation Acceleration Hackathon (See 'Corp Brief') West Asia crisis: Customs duty exemption granted to petrochemical products (See 'Corp Brief') PC Act - If other materials on record are creditworthy and reliable, there would be no bar on relying on same for arriving at conclusion regarding guilt of accused: HC (See 'Legal Desk') Chouhan launches landmark Initiative to Unite Policy, Science, and Field Experience on One Platform (See 'Corp Brief') BCGCL and MCL sign Landmark Land Leasing Agreement for Coal to Ammonium Nitrate Project (See 'Corp Brief') IPR - Plaintiff's failure to conclusively establish its exclusive proprietorship over trademarks, coupled with evidence of joint ownership & authorization letter produced by Defendant, meant that matter required full trial: HC (See 'Legal Desk') Railways sets New Record in Passenger Traffic as well as Cargo Transport (See 'Corp Brief') NHAI achieves Robust Growth in NH Development During FY 2025-26 (See 'Corp Brief') PMLA - If specific property was inadvertently omitted in impugned order, case must be remanded back to Adjudicating Authority for limited purpose of passing specific order: SAFEMA (See 'Legal Desk') Nyaya Setu AI Chatbot and Mascot 'DISHIKA' unveiled at DISHA Programme (See 'Corp Brief') Misc - Recipient of concession has no legally enforceable right against Government to grant of concession except to enjoy benefits of concession during period of its grant: SC (See 'Legal Desk') After Signing reformed linked MoU, 5 States got funds under Jal Jeevan Mission 2.0 (See 'Corp Brief') India's largest collaborative Capacity Building Initiative Begins on 2nd April (See 'Corp Brief') IPR - Section 19 of Trade Marks Act, does not permit any third party to make application before Registrar for withdrawal of acceptance of trademark application: HC (See 'Legal Desk') MSME Ministry organizes Entrepreneur Awareness Camp in Dimapur (See 'Corp Brief') Govt and RBI Measures ensure Seamless Rural Credit Flow (See 'Corp Brief') DGCA signs MoU with Gati Shakti Vishwavidyalaya to train youth (See 'Corp Brief') Record 30 Mineral Blocks operationalised in FY 2025-26 (See 'Corp Brief') IPR - No infringement action will lie at instance of one registered proprietor of trade mark against another registered proprietor, seeking injunction against use, by latter, in class in which it is registered: HC (See 'Legal Desk') NCL achieves 140 MT Coal Production Target Ahead of Schedule (See 'Corp Brief') Jan Dhan Darshak App enables GIS-based monitoring of banking infrastructure (See 'Corp Brief') Gati Shakti Vishwavidyalaya & DGCA sign MoU to Revamp Aircraft Maintenance & Create Jobs (See 'Corp Brief') Benami Act - registration of title, payment of stamp duty, deposit of TDS, and routing of payments through banking channels do not negate benami nature of transaction if source of funds originates from another person: SAFEMA (See 'Legal Desk') Goyal meets UK Secretary of State for Business and Trade (See 'Corp Brief') Access Control & AI-Enabled CCTV Systems to streamline Passenger Flow at Railway stations (See 'Corp Brief') IPR - Order passed by Controller of Patents, which lacks independent analysis and is verbatim reproduction of submissions of one party or recommendations of Opposition Board, is procedurally flawed: HC (See 'Legal Desk') Gut Microbiota and Probiotic Science Foundation organises 16th India Probiotic Symposium (See 'Corp Brief') IPR - Overall appearance at first impression is crucial to identify passing off, and meticulous side-by-side dissection is not necessary and trade dress has to be judged as whole: HC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (See CORP EINSICHT)

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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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