Reliance Sets Up Subsidiary In UAE For Trading In Crude Oil, Petrol

Reliance International Ltd (RINL), the new subsidiary, is yet to commence operations, the parent company said in an exchange filing, adding it had invested $1 million in the new business.

Reliance Industries said on Saturday it had set up a wholly owned subsidiary in the United Arab Emirates (UAE) for trading in crude oil, petroleum, petrochemical products and agricultural commodities.

Reliance International Ltd (RINL), the new subsidiary, is yet to commence operations, the parent company said in an exchange filing, adding it had invested $1 million in the new business.

In its brief statement, Reliance Industries, which operates the world's biggest refining complex at Jamnagar in western India, gave no reasons for its decision to set up the new unit and its reasons to locate it in the UAE, though it is in line with it becoming more international in its focus.