Reliance New Energy Limited (RNEL), the arm of Reliance Industries has entered into an agreement to invest Rs 50.16 crore in Altigreen Propulsion Labs Private Limited (Altigreen).
RNEL will buy compulsorily convertible preference shares of the Bengaluru-based company. Altigreen is an electric vehicle technology and solutions provider for commercial last mile transportation through two-, three- and four-wheeled vehicles. The transaction is proposed to be completed before March.
Altigreen has developed an E3 vehicle and its vehicles are built in-house in Bangalore on a 100 percent indigenous mobility platform. It currently has presence in 60 countries with 26 global Patents.
Incorporated in India on February 8, 2013, its turnover in FY19, FY20 and FY21 stood at Rs 193.53 lakh, Rs 61.62 lakhs and Rs 103.82 lakh, respectively.
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