Mumbai, Feb 10 (IANS): Reliance Industries' wholly-owned subsidiary Reliance New Energy (RNEL) will invest in EV technology company Altigreen Propulsion Labs.

Accordingly, RNEL has entered into an agreement with 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, it said in a regulatory filing.

The investment is part of Reliance's strategic intent of collaborating with innovative companies in 'New Energy' and 'New Mobility' ecosystems, the filing added.

"The acquisition is not a related party transaction and none of RIL's promoter or promoter group or group companies have any interest in the...entities involved in the transaction," the filing added.

Altigreen, a Bengaluru-based company is an electric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles.

"Its current patent portfolio spans 60 countries with 26 global patents. Some of Altigreen's current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics and 10T and battery management."