Reliance Industries, India’s most valuable company, has established a subsidiary in the United Arab Emirates.
The company said it invested $1 mn to float Reliance International Ltd based in Abu Dhabi Global Market, UAE.
The company will engage in trading of crude oil, petroleum products, petrochemicals and agricultural commodities, among others, said the Mukesh Ambani-led company.
The UAE company’s equity base is divided into shares of $1 each, and it has not started any operations yet, the parent company said.
Reliance Industries is India’s largest private sector company.
Having started with synthetic yarn and textiles, the company today is a major force in oil and gas — particularly refining, retail, media and telecom.
It also has interests and investments in a variety of other areas, such as life sciences.
The company has largely remained focused on the Indian market, though it has, in the past, acquired oil and gas interests outside India, particularly in the US.
Further details about what Reliance Industries plans to do with the UAE unit were not disclosed.
Reliance Industries’ chairman Mukesh Ambani is also India’s richest person, with a net worth of close to $100 billion. He ranks as the 11th richest person in the world.