Reliance acquires petrochemicals step-down subsidiary for Rs 314 cr
business-standard.com
India
09-05-2024
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Reliance Industries Ltd on Wednesday said it has acquired a step-down subsidiary engaged in the manufacture of petrochemicals and hydrogen, for Rs 314.48 crore.
In a stock exchange filing, the firm said Reliance Chemicals and Materials Ltd (RCML) is a step-down wholly owned subsidiary of the Company through Reliance Projects & Property Management Services Ltd (RPPMSL).
"It is proposed to make RCML a direct wholly owned subsidiary and hence, the company has today, at around 3:15 p.m., acquired a 100 per cent equity stake of RCML from RPPMSL for an aggregate consideration of Rs 314.48 crore," it said.
RCML was incorporated in India on November 2, 2022, to undertake the business of manufacturing petrochemicals, vinyls, hydrogen & its derivatives, rare and industrial gases, bio-energy products and carbon fibre.
"The transaction is between the company and its wholly-owned subsidiary and hence a related party transaction. It is on arm's length basis," Reliance said adding no governmental or regulatory approvals were required for the above transaction.