Reliance floats UAE subsidiary for trading in oil

Reliance Industries NSE 1.91 % has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities. Reliance International Ltd has been incorporated as a wholly-owned subsidiary in Abu Dhabi Global Market, the United Arab Emirates (UAE), the firm said in a stock exchange filing.

“The company has invested Rs 7.42 crore or $1 million in cash in 10 lakh equity shares of $1 each of ‘Reliance International Limited’,” the filing said.