Team News Riveting
Mumbai, October 2
Reliance Industry Limited has incorporated a wholly owned subsidiary for business operations in the United Arab Emirates (UAE).
“It is hereby informed that the Company has invested Rs 7,42,87,000 (equivalent to USD 1,000,000) in cash in 1,000,000 equity shares of USD 1 each of “Reliance International Limited” (RINL), a newly incorporated wholly owned subsidiary in Abu Dhabi Global Market, United Arab Emirates,” the company said in a regulatory filing today.
RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.
The company said the investment in RINL does not fall within related party transaction and the promoter/ promoter group/ group companies do not have any interest in RINL. No governmental or regulatory approvals were required for the said investment.
