Reliance Industries has incorporated a wholly-owned subsidiary namely ‘Reliance International’ in Abu Dhabi Global Market, the United Arab Emirates (UAE) to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals, and agricultural commodities. The company has invested Rs 7.42 crore or $1 million in cash in 10 lakh equity shares of $1 each of Reliance International.
The plans follow an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Company to produce chemicals that can be used for infrastructure and consumer goods.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
