Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), said on October 28 that it has acquired an additional stake in skyTran Inc, the company announced. The stake acquired for $15 million (Rs 123.4 crore) takes Reliance Strategic Business Ventures’ total shareholding to 62.83 percent on a fully diluted basis.
skyTran, incorporated under the laws of Delaware, US, in 2011 “developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transport systems aimed at solving the problem of traffic congestion globally”. In February 2021, the Reliance unit increased its stake in skyTran to 54.46 percent from 26.3 percent with an investment of $26.76 million. On October 10, Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh detailed the growth plans of the group, which started off as a trader in 1988 and expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution, and FMCG and more recently into data centers, airports, petrochemicals, cement, and media, at an investor meet organized by Ventura Securities Ltd in New Delhi. The group plans to invest USD 50–70 billion in green hydrogen business and another USD 23 billion in green energy over the next 5–10 years, he said. It will invest USD 7 billion in electricity transmission, USD 12 billion in transport utility, and USD 5 billion in the road sector. Its foray into data center business with cloud services would entail an investment of USD 6.5 billion in partnership with Edge ConneX and another USD 9–10 billion is planned for airports, where it is already the largest private operator. Its foray into the cement sector with the acquisition of ACC and Ambuja cement entailed USD 10 billion investment. Stocks Nse Indian Stocks Bse Stocks India Stock market Today Stock Price Nse Stock Market Stock Market TodayStock Market TodayStock Market TodayStock Market TodayStock Market Today
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