Fact Check: No, Mukesh Ambani Has NOT Bought US-Based Tech Firm skyTran; Here’s The Truth

A message is being shared on social media with a claim that Indian business tycoon and Chairman of Reliance Industries Mukesh Ambani has bought US-based urban transportation technology company, skyTran, which has developed technology to run pod taxis.

A Facebook user shared the message with a Hindi caption which reads: “#अमेरिका कि सबसे बड़ी आईटी कंपनी स्काईट्रान को अंबानी ने खरीदा लिया है, लो चमचों अमेरिका भी बिकने लगा,खरीदने वाले भारतीय है।”

(Translation: Ambani has bought America’s largest IT company skyTran, the US is also started selling, and the buyer is an Indian)

Here’s the link to the above post. Check similar posts here and here.

Fact Check

NewsMobile fact-checked the post and found it to be misleading.

In our investigation, we searched for related news items and found some media reports which stated that Mukesh Ambani-led Reliance Industries’ subsidiary Reliance Strategic Business Ventures (RSBVL) has acquired an additional equity stake in the company skyTran Inc. for a consideration of $26.76 million. However, we couldn’t find any credible media report which suggested that Ambani has bought the entire skyTran company.

According to a Live Mint report, which cited the company’s statement, RSBVL’s shareholding in US-based tech firm increased to 54.46% on a fully diluted basis from the existing 26.3%.

Similar news was reported by Business Standard on February 28, 2021, headlined: “RIL buys majority stake in skyTran; invested in future tech, says Ambani”

We also checked Reliance Industries website, where we found a press release regarding Reliance acquiring majority equity stakes in skyTran.

Hence, from the above information, we can say that Reliance has not bought the entire skyTran but a majority stake in it. Therefore, the claim in the viral post is misleading.

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