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Reliance New Energy Limited (RNEL), a wholly-owned unit of Reliance Industries Ltd, said on Thursday it has agreed to invest Rs 50.16 crore in Bangalore-based Altigreen Propulsion Labs Private Ltd (Altigreen).
Altigreen is an electric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles. It has developed an E3Wvehicle and they are built in-house in Bangalore on a mobility platform that is 100 per cent 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.
Investing through CCPS subscription
Reliance New Energy is investing the money through subscription of 34,000 Series A Compulsorily Convertible Preference Shares (CCPS) of face value ₹100 each. The transaction is proposed to be completed before March 2022.
The investment is part of the company’s strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems, Reliance said in a statement.
The turnover of Altigreen in FY 2018-19, FY 2019-20 and FY 2020-21 were Rs.193.53 lakhs, Rs.61.62 lakhs and Rs.103.82 lakhs respectively.
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