Mumbai: Reliance Industries (RIL) has agreed to invest Rs 50 crore in Bengaluru-based electric vehicle technology company Altigreen Propulsion, ramping up its investments in the new energy and new mobility ecosystem. RIL will route its investment through Reliance New Energy by subscribing to Altigreen’s compulsorily convertible preference shares.
Altigreen, incorporated on February 8, 2013, has developed an electric three-wheeler. Besides, its technologies include electric motors & generators, vehicle controls, EV transmissions, telematics & IOT and battery management. Altigreen had posted a turnover of just over Rs 1 crore in FY21.
