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Reliance raised its stake in skyTran with the vision to build futuristic technologies

Reliance Strategic Business Ventures Limited (RSBVL), a fully owned company of Reliance Industries, has acquired an additional equity stake in the US-based technology company skyTran Inc for $26.76 million (around Rs 196.94 crore). And now the Mukesh Ambani-drove company has expanded its shareholding to 54.46 percent on a completely diluted basis.

Reliance is intending to dive into creating a pod taxi prototype in India, a cutting-edge transportation framework. In November 2019, RSBVL had brought its stake up in skyTran to 17.37 percent and further to 26.3 percent in April 2020.

What is Pod Taxi?

It’s a mode of transport that resembles a cable car. It runs on electricity and is not operated by a driver, a Pod Taxi can accommodate around four to six people in a trip. It is also called an autorickshaw in the air by the critic

Details about skyTran and its innovation

skyTran is a technology company incorporated under the laws of Delaware, United States of America (USA) in 2011. skyTran has created advancement transportation system which is autonomous, zero-emission vehicles arrowing above-congested streets to reduce street traffic globally. The innovation has been created by skyTran to make Smart Mobility Solutions. The proposed skyTran transportation frameworks would comprise of computer-controlled Pod Taxi, patented Passive Magnetic Levitation technology and would use cutting edge IT, Telecom, loT, and Advanced Materials technologies to ship passengers in a quick, protected, green, and practical way. Other than reliance the other two partners of skyTran are Innovation Endeavors and Innovation Endeavors

What is Reliance’s vision on investing in skyTran?

Remarking on the turn of events, Mukesh Ambani, Chairman, and MD of Reliance Industries said,

Our acquiring majority equity stake in skyTran reflects our commitment to investing in building futuristic technologies that would transform the world. 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. We firmly believe that non-polluting high speed personal rapid transportation system will help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in air and noise pollution.

Mitali Bansal
Mitali is a Commerce student who loves reading about the world economy. In her free time, you will find her either reading novels or binge-watching Tv series.
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