Altigreen Propulsion Labs Pvt Ltd. is considering raising about 7 billion rupees ($85 million) in a new funding round as the Indian electric cargo vehicle
"Reliance New Energy Ltd (RNEL), the company's wholly-owned subsidiary, has entered into an agreement with Altigreen for the 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," Reliance said in a stock exchange filing.