RIL invests in US-based SkyTran for telecom, IoT, fiber and other solutions.
Reliance Industrial Investments and Holdings Limited, an entirely owned subsidiary of Mukesh Ambani-backed Reliance Industries Limited (RIL), today purchased 12.7 percent stake in SkyTran Inc. SkyTran is a US-based innovation organization which aims to solve traffic congestion by introducing personal rapid transit systems.
The strategic investment decision into SkyTran was made during recently concluded preferred stock financing, with an option to further invest an amount upto $25 million in convertible notes, subject to SkyTran’s Board approval.
Reliance said it has made the investment in SkyTran with the aim to foster an exclusive partnership in India, where it would work closely with SkyTran to develop pilot implementations followed by implementation of its network in India at scale. Reliance would play an active role in advancing the SkyTran solution, especially in telecom (4G/5G/IoT/Giga Fiber), digital platforms and services, advanced materials & electric batteries.
Remarking on the venture, Akash Ambani, Director, Reliance Jio, said “Our organization with SkyTran mirrors our responsibility to put resources into innovative and future technologies. Reliance is all around ready to benefit from its current business portfolio and abilities to quicken the improvement of SkyTran over the world and particularly in India.”
John Cole, Founder and CEO at SkyTran, said “We are eager to work with Reliance. Reliance brings gigantic framework and specialized aptitude and the capacity to execute at the biggest scale. We trust our organization with Reliance can possibly enhance the lives of individuals in India and across the planet.”
SkyTran, which has banded together with National Aeronautics and Space Administration (NASA) in the US and Israel Aerospace Industries (IAI) in Israel, has created attractive levitation innovation for actualizing individual transportation frameworks aimed at solving the problem of traffic congestion globally.
SkyTran has 8 affirmed licenses and 40+ licenses pending approval, comprehensively, incorporating into India. The proposed SkyTran system would comprise of PC controlled passanger pods running on its licensed Passive Magnetic Levitation innovation and would utilize IT, Telecom, IoT and Advanced Materials advances to transport travelers in a quick, protected, green, and temperate way.
Reliance would soon also nominate a director on the Board of SkyTran.