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 Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

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.

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.

Wavy Line
Shrabona Ghosh


A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 

Related Topics

Data & Recovery

This Father's Day, Give the Gift of No More Low Storage Warnings

Save 85% on 1TB of cloud storage for Father's Day.

Growing a Business

How to Disrupt Hustle Culture and Build a Business That Supports Your Wellness

You can leave work at five each day. You can turn off your phone in the evenings and take weekends off. You can exercise. You can be fully present with your family. You will be better for it, and so will your business.


How to Overcome Imposter Syndrome as a Young Entrepreneur

How to recognize, cope with and overcome the feelings of self-doubt and inadequacy that plague many aspiring business owners.


Towards a Responsible AI

Alongside revolutionizing different fields, AI carries with it several challenges and concerns that has given rise to the need for its regulation

Growing a Business

6 Unconventional Growth Tactics to Generate Immediate Ecommerce Revenue

When you're short on making payroll, these tactics can help put immediate cash in your pocket.