Reliance floats subsidiary in UAE for trading in oil

Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities.
Representative Image
Representative Image

New Delhi

Reliance International Ltd has been incorporated as a wholly-owned subsidiary in Abu Dhabi Global Market, the United Arab Emirates, the firm said in a stock exchange filing. “The company has invested Rs 7.42 crore or $1 mn in cash in 10 lakh equity shares of $1 each of ‘Reliance International Limited’,” the filing said.
The plans follow an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Co to produce chemicals that can be used for infrastructure and consumer goods.
The investment in RINL does not fall within related party transactions, it said.

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