Reliance New Energy to invest Rs 50.16 crore in Altigreen Propulsion Labs
Mumbai, February 10, 2022
Reliance New Energy Limited (RNEL), a wholly--owned subsidiary of the Mukesh Ambani-led Reliance Industries Limited (RIL), today said it would invest Rs 50.16 crore in Altigreen Propulsion Labs Private Limited, an electric vehicle technology and solutions company.
The company has entered into an agreement with 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, a filing to the stock exchanges by Reliance said.
The transaction is proposed to be to be completed before March 2022, it said.
Based out of Bengaluru, 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 Bangalor 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 & IOT 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 filing said.
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.
"The aforesaid transaction will not require any government or regulatory approval," the filing added.