Reliance Industries Ltd has invested Rs 1 lakh in cash in 10,000 equity shares of its newly-incorporated subsidiary Reliance New Energy Solar Ltd (RNESL). In a regulatory filing on Monday, RIL noted that RNESL is yet to commence its business operations. RNESL has been incorporated to undertake activities relating to solar energy.
“It is hereby informed that the company has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of ‘Reliance New Energy Solar Ltd’ (RNESL), a newly incorporated wholly-owned subsidiary,” it said.
The filing added that the investment in RNESL does not fall within related party transaction and the promoter, promoter group or group companies do not have any interest in RNESL.
No governmental or regulatory approvals were required for the said investment, it added.
As part of its vision for the company’s rapid transition to a new era of green, clean and renewable energy, RIL Chairman and Managing Director Mukesh Ambani