India: Reliance arm raises stake in US-based transportation firm SkyTran

Photo: Reuters

Reliance Industries Ltd (RIL) has more than doubled its stake in US-based SkyTran Inc., underscoring the oil-to-retail conglomerate’s ambitious plans for eco-friendly transportation systems.

RIL, controlled by Asia’s richest man Mukesh Ambani, raised its holding in SkyTran to 54.46% from 26.3% on a fully diluted basis for $26.76 million, the Mumbai-based company said in a regulatory filing. The stake is held by RIL’s unit Reliance Strategic Business Ventures Ltd.

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