Reliance To Invest Rs. 50.16 Crores In Altigreen

Reliance Industries Ltd acquires a stake for Rs. 50.16 crores in Altigreen Propulsion Labs Pvt Ltd. Reliance will buy 34,000 compulsorily convertible preference shares (CCPS) in the company. The transaction will be completed before March 2022.

Altigreen in total raised Rs. 300 crores from Accurant International, Xponentia Capital, and Momentum Venture Capital in the Series A investment led by Sixth Sense Ventures. 

“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,” Reliance said.

“The investment is part of our company’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems,” it added.

‘This is the most opportune time to invest our efforts in boosting EV manufacturing to cater to the rising aspirations and demands of the customers. The future of India’s automobile industry is electric and we have already laid out a roadmap to achieve fast-EV adoption, mainly in the commercial segment,” said Amitabh Saran and Shalendra Gupta, Co-founders, Altigreen.

Altigreen is a leader in Electric Vehicle technology for commercial Last-Mile Transportation. Its vehicles are built in-house in Bangalore on a mobility platform that is 100% indigenous and backed by 25 global patents granted in 60 countries, including the US. Reliance has also partnered with bp to make the largest EV charging infrastructure in the country.

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