Reliance acquires 54.46% stake in skyTran through its subsidiary, Reliance Strategic Business Ventures. This was officially announced late Sunday evening.
What is skyTran ?
skyTran, as its name suggests, is a transport solution which is said to ease the pain of traffic and endless stops in the public transport.
Reliance Industries acquires stake in skyTran
RIL Chairman Mukesh Ambani said that the acqusition of majority equity stake in skyTran reflects his conglomerate’s 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,” he added.
History of acquisition
“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, loT and Advanced Materials technologies to transport passengers in a fast, safe, green, and economical manner,”said RIL in the proposed file.
The acquisition started in October 2018 when Reliance Industries Limited had acquired a 12.7% stake in skyTran. In November 2019, the company raised the stake to 17.37% and in April 2020, further raised it to 26.3%.
To cut the whole story short, a new era of transport is about to begin. As a matter of fact, this will give a huge boom to the economy and infrastructure.
Let’s hope for the project to start in India as soon as possible.
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