Mukesh Ambani’s Reliance Industries has been expanding across sectors by scaling up investments in retail and has also secured permission to launch satellites to beam internet. Over the past decade, the firm has shifted focus towards the telecom sector, to develop India’s top mobile service provider Jio. But Reliance is also known for acquiring entities overseas, and has now bought a US-based pod transport firm called SkyTran.
By investing an additional Rs 123 crore in the company, Reliance Industries has increased its shareholding to almost 63 per cent. In February 2021, Reliance Strategic Business Ventures increased its stake in SkyTran to 54.46% with an investment of $26.76 mln. On Friday, shares of Reliance Industries closed at 2,526.15 rupees on the National Stock Exchange, up 3.1% from the previous close.
What does SkyTran promise?
SkyTran provides direct to destination personal transit for passengers via pods, which indicates that Reliance plans to bring eco-friendly mobility to Indian cities for tackling traffic congestion. Reliance Industries has been investing in the company since 2018, as the oil and retail conglomerate started shifting gears towards the future. Before this Reliance has also invested in another US-based firm Caelux, which supports green energy by use of perovskite cells for generating solar power.
Oil conglomerate going green?
As part of Reliance’s green push, the group has also acquired a majority stake in SenseHawk, another startup which develops software-based management tools for the solar power sector. Its technology streamlines procedures to support companies from the planning stage, all the way to production.