Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities.
Reliance International Ltd. (RINL) has been incorporated as a wholly owned subsidiary in Abu Dhabi Global Market, the 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 of ‘Reliance International Limited’,” RIL said in the filing.
The plans follow an announcement in June that the Indian conglomerate would invest in projects of Abu Dhabi National Oil Company to produce chemicals that could be used for infrastructure and consumer goods.
“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.
‘No promoter interest’
The investment in RINL does not fall within related- party transactions and the promoter/ promoter group/ group companies do not have any interest in RINL, it said adding no governmental or regulatory approvals were required for the investment.
Reliance Industries Ltd. (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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