Reliance Industries Limited (RIL) has incorporated Reliance International Limited (RINL), a wholly owned subsidiary in Abu Dhabi Global Markets, United Arab Emirates (UAE).
“The company has invested ₹7.42 million, or $1 million in cash, in 1,000,000 equity shares of $1 each of “Reliance International Limited,” the company said in a filing on Saturday.
The subsidiary was established for trading in crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.
The plan follows 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.
The company said that the investment in RINL does not come under related party transaction and the promoter or promoter group or group companies have no interest in RINL.
The said investment also did not require any government or regulatory approvals.
Reliance Company operates the world’s largest oil refining complex in the western Indian state of Gujarat.
RIL shares traded flat on Friday at the end of the week ₹2,525 on NSE.
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