Mukesh Ambani-led Reliance Industries Ltd (RIL) has increased its stake in US-based SkyTran Inc, a venture-funded technology company that develops pod car transport systems.
In a stock exchange filing, RIL said it has raised its holding in SkyTran to 26.31% from 17.37% on a fully-diluted basis. The shareholding was hiked after conditions in the original agreement were met, it added. RIL did not disclose the details of the deal.
Shares of RIL ended flat at ₹1,426.20 on the BSE today.
In November, RIL had raised its stake to 17.37% in SkyTran through its subsidiary, Reliance Strategic Business Ventures Ltd.
In October 2018, RIL had acquired a 12.7% stake in SkyTran and had the option of investing an additional amount of up to $25 million in convertible notes, subject to approval from SkyTran’s board.
Mint had in October 2018 reported that RIL is scouting for a site for India’s first pod taxi prototype, the next generation transportation system. Pod taxi is a driverless personal rapid transit system, which runs along a predetermined course either through overhead suspension or magnetic levitation.
The idea to introduce pod taxis in India was undertaken by Nitin Gadkari, the minister for road transport and highways, in 2016. In January 2017, a NITI Aayog panel had cleared the ministry’s proposal to test three rapid transport systems using pod taxis.
SkyTran, founded in 2011, aims to solve traffic congestion problem globally by creating a high-speed, scalable and low-cost transport system. The company has partnered with National Aeronautics and Space Administration (NASA) in the US and Israel Aerospace Industries (IAI) in Israel.
