Reliance New Energy Limited (RNEL), a subsidiary of Reliance Industries Limited on 10th February 2022 has announced the acquisition of stakes in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore.
Altigreen is an electric vehicle technology and solutions provider for commercial last-mile transportation through two-wheeler, three-wheeler, and four-wheeled vehicles. The transaction is proposed to be completed before March 2022.
Altigreen has developed an electric vehicle it calls neEV. The vehicles are built in-house in Bangalore on a 100 per cent indigenous mobility platform. Altigreen currently has a presence in 60 countries with 26 global Patents.