Reliance Industries has acquired 100% equity stake of Reliance Chemicals and Materials (RCML) from Reliance Projects & Property Management Services (RPPMSL) for an aggregate consideration of Rs 314.48 crore.
Reliance Chemicals and Materials is a step-down wholly owned subsidiary of the Company through Reliance Projects & Property Management Services. It is proposed to make RCML a direct wholly owned subsidiary and hence, the Company has acquired the stake.
RCML was incorporated in India on November 2, 2022 to undertake business of manufacturing of petrochemicals, Vinyls, Hydrogen & its derivatives, Rare & Industrial gases, Bio energy products & carbon fibre. No governmental or regulatory approvals were required for the above transaction.
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.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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