Reliance Industries acquires 12.7% stake in SkyTran

Reliance Industries Limited has acquired a 12.7% stake in SkyTran - a US-based personal rapid transit systems company.

Reliance Industries and SkyTran will be working closely to develop rapid transit systems on a pilot basis in India and later expand it into a network. Reliance will further develop SkyTran's transport solution to make it faster, safer, eco-friendly and economical.

SkyTran has developed magnetic levitation technologies for personal transportation systems in partnership with the National Aeronautics and Space Administration (NASA) and Israel Aerospace Industries (IAI). It consists of computer-controlled passenger pods that run on patented Passive Magnetic Levitation technology. The company holds 8 patents and has over 40 patents pending approval. 

Source: Business Today