Reliance New Energy to invest Rs. 50.16 cr in Altigreen Propulsion Labs.

Reliance New Energy (RNEL)Ca wholly-owned subsidiary of the Reliance Industries, has entered into an agreement with Altigreen Propulsion Labs (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. The transaction is proposed to be completed before March 2022.

Based out of Bengaluru, Altigreen is an electric 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 Bangalore 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.

BS