Reliance acquired 12.7 % stakes in advance transportation system development company Skytran

19 Oct 2018_campuscad

skytran

Reliance industries acquired approximately 12.7% stake in Skytran the US based technology driven company .

Skytran is specialized in development of lightweight 2 seater passenger vehicles which operates on the concept of magnetic levitation or Maglev.

Magnetic Levitation uses magnetic forces to lift the object against the gravity and counter any additional acceleration to get stability.

Skytran has also collaborated with NASA and Israel space agency to develop the similar system and prototype testing work going on in different countries including India, UK, US, Malaysia, Saudi Arabia.

Reliance is looking for new ways to generate the revenue other than infrastructure, oil. Reliance Jio who is profitable now and once was the fastest growing startup founded by parent company RIL.Amazon ad

RIL investment is a strategic decision by its board to take on the future of transportation in countries like India, where such systems would be Game changer and help to solve the problems of traffic congestion in the metros.

If Skytran board approves, RIL ready to invest $25 million more into the company.

“We are excited to be working with Reliance. Reliance brings tremendous infrastructure and technical expertise and the ability to execute at the largest scale said by John Cole, Founder and CEO at SkyTran.


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