Reliance Industries has incorporated a new subsidiary in UAE for trading in crude oil, petroleum products and agricultural commodities.
Reliance International Limited (RINL) has been incorporated as a wholly owned subsidiary in Abu Dhabi Global Market, United Arab Emirates (UAE), RIL said in a stock exchange filing.
equity investment
“The company has invested ₹7.42 crore, or $1 million in cash, in 10 lakh equity shares of $1 each in ‘Reliance International Limited’,” RIL said in the filing.
The plans follow an announcement in June that the Indian conglomerate would invest in projects at Abu Dhabi National Oil Company to produce chemicals that could be used for infrastructure and consumer goods.
“RINL has been incorporated to carry out activities relating to trading of crude oil, petroleum products, petrochemicals and agricultural commodities, among others. RINL is yet to commence its business operations,” the company said.
‘No promoter interest’
Investment in RINL does not come under related party transaction and the promoter/promoter group/group companies have no interest in RINL, it said, adding that no government or regulatory approval is required for the investment.
Reliance Industries Limited (RIL) operates the world’s largest oil refining complex at Jamnagar in Gujarat and has several petrochemical units in the country.
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