Reliance Industries gains over 2% on stake sale in six group cos


Reliance Industries gains over 2% on stake sale in six group cos

Share price of Reliance Industries rose nearly 3 percent intraday on April 18 after a Japanese firm said it will acquire a strategic stake in six group companies. Reliance Ethane Holding Pte. (REHPL), a wholly owned subsidiary of Reliance Industries having 100 percent holding in six limited liability companies (LLCs) that own Very Large Ethane Carriers (VLEC), Mitsui O.S.K Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC, as per company BSE filing.

Also, Saudi Aramco, the world’s largest crude oil producer, is in “serious discussions” to acquire up to a 25 percent stake in Reliance Industries’ refining and petrochemicals businesses, the Times of India reported on April 17. Read More

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