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Reliance Industries (RIL) on Thursday informed that its wholly-owned subsidiary Reliance New Energy Limited (RNEL), 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 100 each for an aggregate consideration of 50 crore. 

The investment is part of the company's strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems, Mukesh Ambani-led conglomerate announced in an exchange filing today. 

The transaction is proposed to be completed before March 2022 as the aforesaid transaction will not require any government or regulatory approval, RIL further added.

Based out of Bengaluru, India, Altigreen is an electric vehicle (EV) 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.

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.193.5 lakhs, Rs.61.6 lakhs and 103.8 lakhs respectively.

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