Reliance Launches Subsidiary In UAE For The Oil Business
Reliance launches subsidiary in UAE for the oil business. Reliance International has joined the UAE as a new subsidiary.
Reliance International has joined as a new subsidiary in UAE for trading in crude oil, petroleum products, and agricultural commodities.
The company has provided this information in an exchange filing.
Giving information, the company has stated that, Reliance International Limited has been incorporated as a wholly-owned subsidiary in the Abu Dhabi Global Market, United Arab Emirates (UAE).
The filing stated that “The company has invested Rs 7.42 crore or US$ 1 million in cash in 1 million equity shares of ‘Reliance International Limited’ each of US$ 1 each.
Reliance launches subsidiary: This scheme is announced by the company.” This was done in June this year itself. In the announcement made by the company.
it was said that “The Indian conglomerate will invest in projects of Abu Dhabi National Oil Company to produce chemicals that can be used in infrastructure and for consumer goods.”
Reliance has said that “RINL has been incorporated to carry out the activities related to the trading of crude oil, petroleum products, petrochemicals, and agricultural commodities. However, RINL has not started its business operations yet. has done.”
Investment in RINL does not come under related party transaction and the promoter or promoter group or group companies are not interested in RINL, it said, adding that the investment does not require any government or regulatory approval.
Reliance operates the world’s largest oil refining complex at Jamnagar in Gujarat and has several petrochemical units in the country.
Good news for Airtel-Voda, this move of Telecom Department will give relief
DoT has amended license fee rules to harmonize interest rates on late payment of license fees. This move will reduce the financial burden from the telecom sector and boost the ease of doing business.
The department will now charge two percent interest over and above the one-year marginal cost of funds (MCLR) of the SBI for the delay in payment of license fees or any other statutory dues.
The interest will be compounded on an annual basis.
