Reliance Industries Ltd announced on Thursday the purchase of a share in Altigreen Propulsion Labs Pvt Ltd, an electric vehicle technology and solutions company, for Rs 50.16 crore.
“Reliance New Energy Ltd (RNEL), the company’s wholly-owned subsidiary, 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 corporation did not specify how much equity shareholding it will receive in exchange for the investment.
The purchase is expected to close by March 2022.
Altigreen, based in Bengaluru, is an electric vehicle technology and solutions firm for commercial last-mile transportation via 2/3/4 wheeled vehicles.
It has created an E3W vehicle, and its cars are constructed in-house in Bangalore on a 100% indigenous mobility platform.
Altigreen’s current patent portfolio spans 60 countries and includes 26 global patents, according to the company, with some of its current technologies including electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics & IoT, and battery management.
“The investment is part of our firm’s strategic goal of cooperating with emerging companies in new energy and new mobility ecosystems,” the company explained.
Altigreen is a private limited company that was established on February 8, 2013, in India. In 2020-21, it generated a revenue of Rs 103.82 lakh.
According to the corporation, the acquisition will not require any government or regulatory permission.
Purchase of a stake
Reliance Industries Ltd announced on Thursday the purchase of a share in Altigreen Propulsion Labs Pvt Ltd, an electric vehicle technology and solutions company, for Rs 50.16 crore.
Altigreen’s agreement
“Reliance New Energy Ltd (RNEL), the company’s wholly-owned subsidiary, 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 specifics of equity are unknown.
The corporation did not specify how much equity shareholding it will receive in exchange for the investment.
The purchase is expected to close by March 2022.
Acquisition of a stake
Reliance Industries Ltd announced on Thursday that it has paid Rs 50.16 crore for a stake in Altigreen Propulsion Labs Pvt Ltd, an electric vehicle technology and solutions company.
Altigreen’s contract
“The company’s wholly-owned subsidiary, Reliance New Energy Ltd (RNEL), 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 particulars of equity are unknown.
In exchange for the investment, the corporation did not disclose how much equity shareholding it will receive.
The transaction is expected to be completed by March 2022.
