RIL unit picks up stake in EV firm Altigreen

Mumbai Reliance New Energy Ltd (RNEL) a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has entered into an agreement with Altigreen Propulsion Labs Private Ltd (Altigreen) for subscription o

Mumbai

Reliance New Energy Ltd (RNEL) a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has entered into an agreement with Altigreen Propulsion Labs Private Ltd (Altigreen) for subscription of 34000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore.The transaction is proposed to be completed before March 2022, RIL said in a statement.Based out of Bengaluru Altigreen is an electric vehicle technology and solutions company for commercial last mile transportationthrough 2/3/4 wheeled vehicles.It has developed an E3Wvehicle and its vehicles are built in-house in Bangalore on a mobility platform that is 100% indigenous.Its current patent portfolio spans 60 countries with 26 global patents, RIL said.Some of Altigreen’s current technologies include electric motors & generator vehicle controls， motor controls， EV transmissions， telematics & 10T 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,” RIL said.Altigreen is a private limited company incorporated in India on February 8， 2013. The turnover of Altigreen for FY 2018-19， FY 2019-20 and FY 2020・21 was Rs.193.53 lakhs， Rs.61.62 lakhs and Rs.103.82 lakhs respectively.“The aforesaid transaction will not require any government or regulatory approval,” it added.