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Reliance Industries Invests In New Energy Business; Stock Gains Almost 1%

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Reliance Industries Invests In New Energy Business; Stock Gains Almost 1%

RNESL, which isyet to commencebusiness operations,will undertake activities pertaining to solar energy

Reliance Industries has invested Rs 1,00,000 cash in Reliance New Energy Solar Limited’ (RNESL), a newly incorporated wholly owned subsidiary, as part of its foray into new energy. “The Company (Reliance Industries) has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of “Reliance New Energy Solar Limited” (RNESL), a newly incorporated wholly owned subsidiary,” Reliance Industries said in a regulatory filing to the stock exchanges. RNESL, which is yet to commence business operations, will undertake activities pertaining to solar energy.

Reliance Industries said the the investment in RNESL does not fall within related party transactions and the promoter/promoter group companies do not have any interest in RNESL.

At the Reliance Industries’ AGM held on June 24, chairman Mukesh Ambani had announced plans to set up Dhirubhai Ambani Green Energy Giga Complex at Jamnagar in Gujarat.

At 3:05 pm, Reliance Industries shares were trading higher by 0.6 per cent at Rs 2097 in a strong market.