Mumbai : Reliance New Energy Limited (RNEL)， a wholly-owned subsidiary of the Reliance Industries Limited (RIL)， has entered into an agreement with Altigreen Propulsion Labs Private Limited (Altigreen) for 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 transaction is proposed to be completed before March 2022, RIL said in a regulatory filing.
Based out of Bengaluru， India， Altigreen is an eleclric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles. It has developed an E3Wvehicle and its vehicles are built in-house in Bangalore， India on a mobility platform that is 100% indigenous. Its current patent portfolio spans 60 countries with 26 global patents. Some of Altigreen’s current technologies include electric motors & generators， vehicle controls， motor controls， EV transmissions， telematics & 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. The acquisition is not a related party transaction and none of RIL’s promoter / promoter group / group companies have any interest in the above entities involved in the transaction.
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 Rs.193.53 lakhs， Rs.61.62 lakhs and Rs.103.82 lakhs respectively.