Reliance New Energy to invest in Altigreen Propulsion Labs

Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries Limited, has entered into an agreement with Altigreen Propulsion Labs Private Limited (Altigreen) for 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. The transaction is proposed to be completed before March 2022.

Based out of Bengaluru, India, Altigreen is an eleclric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles. It has developed an E3Wvehicle and its vehicles are built in-house in Bangalore, India on a mobility platform that is 100% indigenous. Its current patent portfolio spans 60 countries with 26 global patents. Some of Altigreen's current technologies include electric motors & generators, vehicle controls, motor controls, EV transmissions, telematics & IOT and battery management.

The investment is part of Company's strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems.

The acquisition is not a related party transaction and none of RIL's promoter / promoter group / group companies have any interest in the above entities involved in the transaction.

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.

Shares of Reliance Industries Limited was last trading in BSE at Rs. 2383.95 as compared to the previous close of Rs. 2355.60. The total number of shares traded during the day was 1356126 in over 11903 trades.

The stock hit an intraday high of Rs. 2386.60 and intraday low of 2358.60. The net turnover during the day was Rs. 3216292822.00.

Source : Equity Bulls

Keywords

RelianceIndustries INE002A01018 RIL RelianceNewEnergy Investment AltigreenPropulsionLabs