Reliance Industries incorporates new subsidiary – Reliance New Energy Solar

Mukesh Ambani’s Reliance Industries Limited has incorporated a new fully-owned subsidiary called Reliance New Energy Solar Limited (RNESL) by investing INR 1 lakh in 10,000 equity shares of INR 10 each.

Reliance New Energy Solar will carry out activities pertaining to solar energy. The new Reliance subsidiary is yet to start its business operations.

Reliance Industries stated: “The investment in RNESL does not fall within related party transaction and the promoter/ promoter group/ group companies do not have any interest in RNESL. No governmental or regulatory approvals were required for the said investment.”

Reliance Industries incorporates new subsidiary – Reliance New Energy Solar. Photo courtesy of Sebastian Ganso from Pixabay.

Last month, Reliance Industries chairman Mukesh Ambani announced that the Indian conglomerate will invest INR 750 billion ($10.1 billion) for implementing clean energy initiatives in India. To be invested over three years, the investment is expected to help Reliance Industries transform itself into a net carbon zero organization by the year 2035.

In this connection, Reliance Industries had established a new energy business which will operate under a three-part plan. As part of this, the Indian conglomerate aims to install and enable at least 100GW of solar power capacity by the end of 2030.

Recently, Reliance Industries had signed an agreement with Abu Dhabi National Oil Company (ADNOC) for developing a chemical project at TA’ZIZ in Ruwais, Abu Dhabi.