Reliance floats UAE subsidiary for trading in oil

Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities. Reliance International Ltd has been incorporated as a wholly-owned subsidiary in Abu Dhabi Global Market, the United Arab Emirates (UAE), the firm said in a stock exchange filing.

"The company has invested Rs 7.42 crore or $1 million 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.

"RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations," Reliance said.

The investment in RINL does not fall within related party transactions and the promoter/ promoter group/ group companies do not have any interest in RINL, it said adding no governmental or regulatory approvals were required for the said investment.

Reliance operates the world's largest oil refining complex at Jamnagar in Gujarat and has several petrochemical units in the country.