Reliance Industries creates UAE subsidiary for oil and petroleum trading
Reliance Industries Limited said that it has established a new fully-owned subsidiary called Reliance International Limited (RINL) in Abu Dhabi, UAE.
According to the Indian conglomerate, Reliance International Limited will carry out activities pertaining to trading crude oil, petroleum products, petrochemicals, as well as agricultural commodities.
The Abu Dhabi subsidiary of Reliance Industries Limited is yet to begin its business operations.
The Mukesh Ambani-led group said that it has made an investment of INR 74.2 million ($1 million) in cash in 1,000,000 equity shares of $1 each of Reliance International Limited.
The investment in the new subsidiary does not come within related party transaction and the promoter/ promoter group/ group companies do not have any interest in it, said Reliance Industries.
Furthermore, no approvals were required from governmental or regulatory bodies for the investment, said the Indian conglomerate.
In July 2021, Reliance Industries had incorporated a fully-owned subsidiary called Reliance New Energy Solar Limited (RNESL).