By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Theindiabizz

Startup and Entrepreneurship Stories, as well as a Leadership Story

  • Explore
    • India
    • Business
    • Venture capital
    • Private equity
    • Product Roadmap
  • News
    • Market
    • acquisition
    • Funding
    • energy
    • Automobile
  • Industry
    • Beauty Sector
    • Entertainment
    • Hotel Industry
    • Enterprise IT
    • Property
    • Consumer Internet
    • Tech
    • E commerce
    • Agency
    • Edtech startup
    • Banking Sector
  • Health
  • Leadership
Search
More
  • Her Story
  • Interview
  • Art And Culture News
  • Women Power
  • cryptocurrency
  • current affairs
  • Investor Pitch Deck
  • List of Indian VCs
  • List Of Investors In India
  • pr-newswire
  • Press release
  • Raise fund
  • Submit Startup
  • Government
  • Economy
  • Entertainment
  • Sport
  • Property
Reading: Reliance ups stake in NASA incubated futuristic mobility startup skyTran
Share
Notification Show More
Latest News
D2C home cleaning brand Koparo raises
home cleaning brand Koparo raises $1.5 million in Pre-Series A led by Saama Capital
June 7, 2023
TPG backed InsurTech PolicyBoss closes Series B with India SME Investments amongst a consortium of investors
TPG backed InsurTech PolicyBoss closes Series B with India SME Investments amongst a consortium of investors
June 6, 2023
Indian cricketer KL Rahul becomes an investor in HyugaLife, a startup backed by Sequoia.
Indian cricketer KL Rahul becomes an investor in HyugaLife, a startup backed by Sequoia.
June 6, 2023
Rs 280 Cr Vanished As Another Indian Startup Founder Enjoyed Lavish Lifestyle
Rs 280 Cr Vanished As Another Indian Startup Founder Enjoyed Lavish Lifestyle
June 4, 2023
Bengaluru landlord makes a noteworthy move by investing $10,000 in their tenant's startup
Bengaluru landlord makes a noteworthy move by investing $10,000 in their tenant’s startup
June 4, 2023
Aa
Aa
TheindiabizzTheindiabizz
  • Business
  • Politics
  • Funding
  • Health
  • Science
  • Fashion
  • acquisition
  • Agency news
  • Beauty Sector
Search
  • Explore
    • India
    • Business
    • Venture capital
    • Private equity
    • Product Roadmap
  • News
    • Market
    • acquisition
    • Funding
    • energy
    • Automobile
  • Industry
    • Beauty Sector
    • Entertainment
    • Hotel Industry
    • Enterprise IT
    • Property
    • Consumer Internet
    • Tech
    • E commerce
    • Agency
    • Edtech startup
    • Banking Sector
  • Health
  • Leadership
Have an existing account? Sign In
Follow US
Funding

Reliance ups stake in NASA incubated futuristic mobility startup skyTran

Editor Desk
By Editor Desk Published March 1, 2021
Last updated: 2021/03/01 at 4:29 PM
Share
SHARE

Reliance Industries on Sunday said it has acquired an additional equity stake in its investee company skyTran for $26.76 million, through its Reliance Strategic Business Ventures (RSBVL) subsidiary.

The Reliance arm now controls 54.46% of skyTran, as per a statement.

Reliance had first invested an undisclosed amount of investment, through RSBVL, into skyTran in exchange for a 12.7% stake. In April 2020, Reliance said RSBVL held an aggregate 26.31% investment .

skyTran has developed a patented, high-speed elevated Personal Rapid Transit (PRT) system that accommodates two-person jet-like pods. These transportive pods operate with Magnetic Levitation (Maglev) technology, along skyTran’s computer-controlled network.

- Advertisement -

“We are excited by skyTran’s potential to achieve an order of magnitude impact on high-speed 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,” Reliance Industries chairman and managing director Mukesh Ambani said.

Founded in 2011, skyTran is a National Aeronautics and Space Administration (NASA) Space Act company, headquartered at the NASA Ames Research Center near Mountain View, California.

The United States’ federal government’s NASA, responsible for the civilian space program, as well as aeronautics and space research, uses Space Act agreements as the primary means for partnering with the community. skyTran in return finds access to NASA’s resources.

Using technologies of magnetic levitation and propulsion, skyTran aims to solve the problem of traffic congestion globally. Its proposed network would consist of cutting edge information technology, telecom, Internet of Things, and Advanced Materials applications, the statement added.

1
0
0
0
Total
1
Shares
Share