RIL unit picks up stake in EV firm Altigreen
The Hindu
Mumbai Reliance New Energy Ltd (RNEL) a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has entered into an agreement with Altigreen Propulsion Labs Private Ltd (Altigreen) for subscription o
Mumbai
Reliance New Energy Ltd (RNEL) a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has entered into an agreement with Altigreen Propulsion Labs Private Ltd (Altigreen) for subscription of 34000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore.The transaction is proposed to be completed before March 2022, RIL said in a statement.Based out of Bengaluru Altigreen is an electric vehicle technology and solutions company for commercial last mile transportationthrough 2/3/4 wheeled vehicles.It has developed an E3Wvehicle and its vehicles are built in-house in Bangalore on a mobility platform that is 100% indigenous.Its current patent portfolio spans 60 countries with 26 global patents, RIL said.Some of Altigreen’s current technologies include electric motors & generator vehicle controls, motor controls, EV transmissions, telematics & 10T and battery management.“The investment is part of our Company’s strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems,” RIL said.Altigreen is a private limited company incorporated in India on February 8, 2013. The turnover of Altigreen for FY 2018-19, FY 2019-20 and FY 2020・21 was Rs.193.53 lakhs, Rs.61.62 lakhs and Rs.103.82 lakhs respectively.“The aforesaid transaction will not require any government or regulatory approval,” it added.
According to BACL, the biophilic-inspired business park will offer smart workspaces within a vibrant public realm. The project’s most exceptional and breathtaking attribute lies in the Urban Forest, a lush oasis in the centre of the development. This green space will serve as a focal point, seamlessly blending indoor and outdoor spaces throughout the area. The upcoming metro station in Airport City will provide seamless connectivity to the business park from the northern side, ensuring convenient accessibility.