Reliance Industries recently announced that it has acquired additional equity stake in its investee company skyTran for USD 26.76 million increasing its shareholding to 54.46%.
skyTran, a technology company which was incorporated in the US in 2011, has developed breakthrough passive magnetic levitation & propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally.
The technology has been developed by skyTran to create Smart Mobility Solutions. 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.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries
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.
