New Delhi: Reliance Strategic Business Ventures Ltd, a wholly-owned subsidiary of Reliance Industries Ltd, on Sunday announced that it has acquired an additional equity stake in Sky Tran Inc. Along with this, Reliance Strategic Business Ventures also reported that Reliance’s stake in Skytron has increased by 54.46 per cent, with new investments. Is .7 26.76 million. Significantly, Reliance had earlier acquired a 12.7 per cent stake in Skytran in October 2018, which has now risen to 54.46 per cent.
We are committed to future technology
In this regard, Reliance Industries Chairman Mukesh Ambani said, “Our majority equity stake in Skytron demonstrates our commitment to future technology that will change the world in the years to come. Mukesh Ambani further said that we hope to further strengthen Skytron’s capability to provide high-speed intra and inter-city connectivity with a more efficient and affordable transport-a-service platform.
Air and noise pollution will be effectively reduced
“We strongly believe that a non-polluting high speed transportation system will effectively reduce air and noise pollution to facilitate environmental sustainability through the efficient use of alternative energy,” he added.
What is Skytron Venture?
Skytron is an American technology company formed in 2011 under Delaware law. The company is known for developing successful passive magnetic levitation and propulsion techniques for the implementation of individual transport systems. The purpose of this technology is to solve the problem of traffic congestion globally. The technology has been developed by SkyTran to create smart mobility solutions.