- Tuesday, March 18, 2025
By: Shubham Ghosh
INDIA’S Reliance Industries on Saturday (2) said it has set up a wholly-owned subsidiary in the United Arab Emirates (UAE) for trading in crude oil, petroleum products, agricultural commodities, etc.
Reliance International Ltd, the new subsidiary, is yet to commence operations, the parent firm said in an exchange filing, adding that it has invested $1 million in the new venture, Reuters reported.
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In its brief statement, Reliance Industries, which operates the world’s largest refining complex at Jamnagar in the western Indian state of Jamnagar, did not however give reasons for its decision to set up the subsidiary. The decision is in line with the company becoming more international in its focus.
Reliance had previously bought stakes in a number of overseas exploration and manufacturing assets. In June, it made an agreement with Abu Dhabi National Oil Co to build a multi-billion dollar chemical project in Ruwais near Abu Dhabi, marking the group’s first investment in a greenfield overseas project.
The same month, Reliance also announced the appointment of Yasir Al-Rumayyun, the chairman of Saudi Aramco, as a director of Reliance’s board and added that this was the “beginning of the internationalisation of Reliance”.
The group looks to formalise a deal this year to sell a 20 per cent stake in its oil-to-chemical business to Aramco.
