RIL Subscribes INR 50.16 Crore of Altigreen CCPS

Reliance Industries' arm Reliance New Energy has entered into an agreement with the electric vehicle technology and solutions company

By
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries (RIL), on Thursday inked a pact to invest INR 50.16 crore in Altigreen Propulsion Labs Private Limited.

Pexels

RNEL will buy 34,000 Series A compulsorily convertible preference shares (CCPS) of Altigreen, a Bengaluru-based electric vehicle technology and solutions company. The transaction is proposed to be completed before March 2022, RIL said in a statement.

Altigreen has developed an E3W vehicle and its vehicles are built in-house in Bengaluru, on a 100 per cent indigenous mobility platform. Its current patent portfolio spans across 60 countries with 26 global patents. Some of Altigreen's current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics and 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 in the statement.

The acquisition is not a related-party transaction and none of RIL's promoter, promoter group, or group companies has any interest in the above entities involved in the transaction, added the statement.

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 INR.193.5 lakh, INR 61.6 lakh and INR 103.8 lakh, respectively.