Reliance paid $26.8m to gain majority control of the passive magnetic levitation and propulsion technology developer and now owns 54.5% of its shares.
Diversified conglomerate Reliance Industries has taken majority ownership of its portfolio company, US-based public transit technology developer SkyTran, through subsidiary Reliance Strategic Business Ventures, it announced on Sunday.
Reliance invested an additional $26.8m to increase its stake from 26.3% to 54.5%, with an additional investment of $26.8m.
SkyTran is developing pod car transport systems utilising passive magnetic levitation and propulsion technology. The deal is part of a strategy to use Reliance Industries as a platform to develop new technologies, according…
