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RNEL will buy compulsorily convertible preference shares of the Bengaluru-based company, which Altigreen is an electric vehicle technology and solutions company for commercial last mile transportation through 2-,3-, 4-wheeled vehicles.
Reliance Industries' arm Reliance New Energy Limited (RNEL) has entered into an agreement to invest Rs 50.16 crore in Altigreen Propulsion Labs Private Limited (Altigreen), the Mukesh Ambani-led conglomerate said Thursday.
RNEL will buy compulsorily convertible preference shares of the Bengaluru-based company, which Altigreen is an electric vehicle technology and solutions company for commercial last mile transportation through 2-,3-, 4-wheeled vehicles. The transaction is proposed to be completed before March 2022.
“The investment is part of our Company's strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems,” RIL said.
RIL did not disclose the stake that it will acquire upon the conversion of the shares in Altigreen.
Altigreen has developed an E3 vehicle and its vehicles are built in-house in Bangalore on a 100% indigenous mobility platform. It currently has presence in 60 countries with 26 global Patents.
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