Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has announced that it has acquired majority stake in its investee company skyTran Inc for a consideration of $26.76 million.

With this transaction, RSBVL has increased its shareholding to 54.46 per cent on a fully diluted basis, RIL said in a statement. Mukesh Ambani, Chairman and Managing Director of RIL, said: "Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world. 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-Service' platform for India and the rest of the World."