Reliance Industries to acquire stake in EV technology firm Altigreen
Reliance Industries Ltd on Thursday 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.
