Reliance Industries has acquired a step-down subsidiary, Reliance Chemicals and Materials (RCML) engaged in the manufacture of petrochemicals and hydrogen, for Rs 314.48 crore. It is a wholly-owned subsidiary of the company through Reliance Projects & Property Management Services (RPPMSL).
To make RCML a direct wholly-owned subsidiary, the company has acquired a 100 percent equity stake of RCML from RPPMSL for Rs 314.48 crore. RCML was incorporated in India in November, 2022, to undertake the business of manufacturing petrochemicals, vinyls, hydrogen and 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.