Reliance acquires stake in EV technology firm Altigreen

On Thursday, Reliance Industries Ltd, announced the acquisition of stake in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. In a stock exchange filing, Reliance said: "Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, 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”.The company, however, did not disclose how much equity will it get against the investment.  Altigreen is a Bengaluru-based, electric vehicle technology company, that offers commercial last-mile transportation through 2/3/4 wheeled vehicles. Altigreen after the investment said: "The investment is part of our company's strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems”.