Reliance Industries invests in new subsidiary – Reliance New Solar Energy
Reliance Industries Limited said that it has invested INR 1,00,000 in cash in 10,000 equity shares, priced at INR 10 each in Reliance New Solar Energy Limited (RNSEL).
The Indian conglomerate had incorporated Reliance New Solar Energy in July 2021 as a new fully-owned subsidiary.
Reliance New Solar Energy, which will be engaged in carrying out activities pertaining to solar energy, is yet to begin its business operations.
According to Reliance Industries, the investment in the new subsidiary does not come under related party transaction, and that the promoter/promoter group/ group companies do not have any stake in it.
Also, no approvals from government bodies or regulatory authorities are needed for the investment, said Reliance Industries.
The Mukesh Ambani-led conglomerate had recently revealed intentions to install and enable at least 100GW of solar power capacity by the end of this decade.