The transaction is proposed to be completed before March 2022 as the aforesaid transaction will not require any regulatory approval
Bengaluru-based EV startup Altigreen has entered into an agreement to receive an investment from Ambani-led conglomerate Reliance Industries’ (RIL’s) wholly-owned subsidiary Reliance New Energy Limited (RNEL).
Under this, RNEL will subscribe to Altigreen’s 34,000 Series A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50 crore.
The investment is part of the RIL’s strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems, the company told in an exchange filing.
The filing further added the transaction is proposed to be completed before March 2022 as the aforesaid transaction will not require any government or regulatory approval.
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.
The company recently paartnered with EV charging solutions start-up Massive Mobility to install 25,000 on-demand charging stations in the next two years.
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.
