RIL announces investment into EV technology company Altigreen Propulsions Labs 

Reliance Industries Limited’s (RIL) subsidiary Reliance New Energy Limited (RNEL) has entered into an agreement with the Bengaluru-based electric vehicle technology and solutions company Altigreen Propulsion Labs Private Limited. This agreement entails a subscription of 34,000 series A convertible preference shares having a face value of Rs 100 each for Rs 50.16 crore. This transaction is proposed to be completed prior to March.

This investment is a part of RNEL’s strategic intent of collaborating with companies in the new energy and new mobility ecosystems. Altigreen is a Bengaluru-based electric vehicle technology and solutions company working for commercial last mile transportation through 2, 3 and 4 wheeler vehicles.

The company has also developed an E3W vehicle and their vehicles are built in-house in Bengaluru on a 100 per cent indigenous mobility platform. Some of Altigreen’s technologies are electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics and IOT and battery management. The company’s patent portfolio spans 60 countries with 26 global patents.

Altigreen, which is a private limited company incorporated in India in February 2013, reported a turnover of Rs 193.53 lakhs in FY2018-19, Rs 61.62 lakhs in FY2019-20 and Rs 103.82 lakhs in FY2020-21.

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