eliance New Energy Ltd (RNEL) a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has entered into an agreement with Altigreen Propulsion Labs Private Ltd (Altigreen) for subscription of 34000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore.
Based out of Bengaluru Altigreen is an electric vehicle technology and solutions company for commercial last mile transportationthrough 2/3/4 wheeled vehicles.It has developed an E3Wvehicle and its vehicles are built in-house in Bangalore on a mobility platform that is 100% indigenous.Its current patent portfolio spans 60 countries with 26 global patents, RIL said.Some of Altigreen’s current technologies include electric motors & generator 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,” RIL said.Altigreen is a private limited company incorporated in India on February 8， 2013