Reliance invests Rs 50.16 crore in Bengaluru-based EV tech company Altigreen
The corporation did not specify how much equity interest it would receive in exchange for the investment. RNEL will purchase the Bengaluru-based company's compulsorily convertible preference shares.
FollowReliance Industries Ltd has announced the purchase of a stake in Altigreen Propulsion Labs Pvt Ltd, an electric vehicle technology and solutions firm, for Rs 50.16 crore. In a stock exchange filing, the comapny said, 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. It further said the investment is part of our firm's strategic goal of cooperating with emerging companies in new energy and new mobility ecosystems.
The corporation did not specify how much equity interest it would receive in exchange for the investment. RNEL will purchase the Bengaluru-based company's compulsorily convertible preference shares. Altigreen is a developer of electric vehicle technology and solutions for commercial last-mile transportation via two, three, and four-wheeled vehicles. The acquisition is expected to be finalised by the end of March.
Altigreen, based in Bengaluru, is an electric vehicle technology and solutions firm for commercial last-mile transportation using 2/3/4 wheeled vehicles. It has created an E3W vehicle, and its cars are constructed in-house in Bangalore on a 100 percent indigenous mobility platform.
Altigreen's current patent portfolio spans 60 countries and includes 26 worldwide 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.Â
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.
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