Reliance Ethane Holding invests Rs 8.53 billion in units

15 Mar 2024 CW Team

Reliance Ethane Holding (REHPL), a fully owned subsidiary of the conglomerate Reliance Industries, recently invested Rs 2.84 billion in three of its subsidiaries, namely Ethane Coral LLC, Ethane Diamond LLC, and Ethane Jade LLC, totaling Rs 8.52 billion.

These Ethane LLCs have entered into agreements to purchase Very Large Ethane Carriers (VLECs), with each Ethane LLC set to possess one. The purpose of acquiring these VLECs is for the transportation of Ethane. This investment aims to facilitate Ethane LLCs in making partial payments for the construction of three VLECs.

According to a regulatory filing made by RIL, Reliance Ethane Holding (REHPL), a wholly-owned subsidiary of the Company, has disclosed its investment in 34,300,000 ordinary shares, each with a face value of $ 1, in each of its three wholly owned subsidiaries.

The Ethane LLCs are limited liability companies established on December 4, 2023, in the Republic of the Marshall Islands, with the purpose of owning VLECs. They have yet to begin their commercial operations. This investment is categorized as a related party transaction, involving REHPL (a wholly owned subsidiary of the Company) and its wholly owned subsidiaries, and has been conducted at arm?s length.

RIL stated, The Promoter, Promoter Group, and other group companies have no stake in the aforementioned investment, and clarified that no governmental or regulatory approvals were necessary for this investment.

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