Reliance Industries buys stake in EV-tech company, Altigreen worth Rs. 50.16 crore
Reliance Industries Ltd has announced the purchase of a stake in electric vehicle (EV) 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 has not disclosed equity shareholding against the investment. The transaction is anticipated to be completed before March 2022.
Bengaluru-based Altigreen is an EV technology and solutions company for commercial last-mile transportation through two, three, and four-wheeled vehicles. It has developed an e-3W vehicle, and its vehicles are built in-house on a mobility platform that is 100 percent indigenous.
Its existing patent portfolio spans 60 countries with 26 global patents, the firm stated, 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.