RIL ups stake in US pod taxi tech company to 55%

2021-03-01 02:10:57

MUMBAI: Reliance Industries (RIL) has increased its stake in Delaware, US-incorporated technology company skyTran to 54.5% from 26.3%. It paid $26.8 million for the additional 28.2% share purchase.
The change comes 10 months after RIL increased its stake in the tech company to 26.3% from 17.4%.
skyTran develops mobility solutions, including pod taxi technology. Pod taxi is a driverless transit system that runs through magnetic levitation.
In 2017, India had cleared a proposal to test pod taxis and skyTran was one of the companies selected by the government.
RIL had said its investment was made to foster a partnership in India.

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