Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), said on October 28 that it had acquired an additional stake in SkyTran Inc, the company announced.

The stake acquired for $15 million (Rs 123.4 crore) brings Reliance Strategic Business Ventures’ total, fully diluted stake to 62.83%.

SkyTran was established under Delaware law in 2011 to “develop breakthrough passive magnetic levitation and propulsion technology for the implementation of personal transportation systems designed to solve the problem of global traffic congestion.”

In February 2021, the Reliance unit increased its stake in SkyTran from 26.3% to 54.46%, with an investment of $26.76 million.