Reliance Strategic Business Ventures Limited (RSBVL) buys the majority stake in personal rapid transit system skyTran Inc
RSBVL is also a key investor in the tech firm
The acquisition is made for a consideration of $26.76 million
Post the acquisition, Reliance’s shareholding in skyTran increased to 54.46% from 26.3%
skyTran acquisition adds onto the list of Reliance’s commitment to invest in futuristic technologies
skyTran is known for passive magnetic levitation and propulsion technology for personal transportation systems
