Mukesh Ambani’s Reliance Industries has formed a new subsidiary company in Abu Dhabi, United Arab Emirates (UAE). The name of this new company is Reliance International Limited.
What is the purpose: In the information given to the stock market, Reliance Industries said that the company has made a cash investment of $ 1 million in 1 million equity shares of Reliance International Ltd. The company said that Reliance International Limited has been formed for the activities of Crude Oil, Petroleum Products, Petrochemicals and Agricultural Commodities. Reliance International Limited is yet to commence its business operations.
The investment in Reliance International does not constitute an associated party transaction and the promoter/promoter group/group companies have no stake therein, the statement said. Let us tell you that Reliance Industries operates the world’s largest oil refining complex in Jamnagar, Gujarat. The company has several petrochemical units in the country.