Reliance New Energy Limited (RNEL) will invest Rs 50.16 crore in Altigreen Propulsion Labs Private Limited (Altigreen), an EV company.
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Stake Not Disclosed
RNEL, which is a wholly-owned subsidiary of Reliance Industries (RIL) will buy 34,000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50 crore.
The transaction could be completed before March since it will not need any government or regulatory approval.
RIL said that the investment is part of the company’s strategy of collaborating with innovative companies in new energy and new mobility ecosystems.
It did not reveal the stake or equity it will get against the investment.
About Altigreen
The Bengaluru-based Altigreen provides EV technology and solutions for commercial last mile transportation through 2/3/4 wheeled vehicles.
It was incorporated in India on February 8, 2013.
It has developed an E3W vehicle and its vehicles are built in-house in Bangalore on a 100% indigenous mobility platform.
It is present in 60 countries with 26 global patents.
Some of its current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics & IoT and battery management.
Rivals Arrive
Apart from RIL, the likes of Adani Group and Tata Group have also shown interest in the electric mobility space in India.
They have tied up with companies mainly to expand the EV charging platforms.
Reliance BP Mobility Limited, which is RIL and BP’s fuel and mobility joint venture (JV) launched its first Jio-bp branded mobility station in Navi Mumbai.
Specialty Of Jio Mobility Stations
Jio-BP mobility stations offer additive fuel containing internationally developed ‘ACTIVE’ technology, which forms a protective layer on critical engine parts to help keep the engines clean.
They offer this fuel at no extra cost.
India’s Largest EV Charging Hub
It also has an agreement with the Mahindra Group to explore the creation of EV products and services and to identify synergies in low-carbon and conventional fuels.
Reliance BP Mobility has joined hands with Gurugram-based BluSmart to build EV charging infrastructure.
Jio-bp opened one of the country’s largest EV charging hubs in Dwarka, Delhi on Jan 26 with BluSmart as its primary customer.
Future Leader In Indian EV Space?
This is part of its ambitions to scale the fuel retail network and offer multiple fuel choices including EV charging infrastructure.
It plans to install a network of EV charging stations and battery swap stations at its mobility stations and other standalone locations.
Jio-bp will collaborate with demand aggregators, original equipment manufacturers (OEMs) and technology partners to build India’s EV charging infrastructure, in the process becoming a leading player in the space.
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