Reliance Industries Ltd announced the acquisition of a stake in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore.
“Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, has entered into an agreement with Altigreen for the subscription of 34,000 Series-A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore,” Reliance said in a stock exchange filing.
The company did not say how much equity shareholding will it get against the investment. The transaction is proposed to be completed before March 2022.
Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles. It has developed an E3W vehicle, and its vehicles are built in-house in Bangalore on a mobility platform that is 100 per cent indigenous.
Its current patent portfolio spans 60 countries with 26 global patents, the firm said, adding some of Altigreen’s current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics & IoT 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,” it said. Altigreen is a private limited company incorporated in India on February 8, 2013. It had a turnover of Rs 103.82 lakh in 2020-21. The transaction will not require any government or regulatory approval, the firm added.