Reliance acquires 12.7% stake in US-based transport company SkyTran

Reliance has made the investment with the objective of fostering an exclusive partnership in India, where it will work closely with SkyTran to conduct pilots, followed by implementation of its network

Reliance Industrial Investments and Holdings, a wholly-owned subsidiary of RIL, on Wednesday said it had acquired a 12.7 per cent stake in US-based SkyTran. Reliance said the shareholding in SkyTran, a venture-funded company developing Personal Rapid Transit Systems’ technology, will be on fully diluted basis.

Fully diluted shares are the total common shares of a company — issued and outstanding. “Reliance has made a strategic investment into SkyTran as part of SkyTran’s recently concluded preferred stock financing, with an option to further invest up to $25 million in convertible notes, subject to approval from SkyTran board," the firm said. SkyTran, which