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Reliance Industries Ltd (RIL) has announced its acquisition of a step-down subsidiary engaged in the manufacturing of petrochemicals and hydrogen, in a move aimed at strengthening its foothold in the industry. The acquisition, valued at Rs 314.48 crore, underscores RIL’s commitment to bolstering its petrochemical portfolio and expanding its presence in key market segments.
RCML, incorporated in India on November 2, 2022, is primarily engaged in the manufacturing of petrochemicals, vinyls, hydrogen & its derivatives, rare and industrial gases, bio-energy products, and carbon fiber. The acquisition aligns with RIL’s strategic vision to diversify its product offerings and capitalize on emerging market opportunities in the petrochemical sector.
“This transaction represents a significant step in our ongoing efforts to enhance our capabilities and strengthen our position in the petrochemical industry,” stated a spokesperson for Reliance Industries. “By integrating RCML into our operations as a direct wholly owned subsidiary, we aim to unlock synergies and drive operational efficiencies across our petrochemical value chain.”
Notably, the transaction between RIL and its wholly-owned subsidiary is categorized as a related party transaction, conducted on an arm’s length basis. Furthermore, RIL clarified that no governmental or regulatory approvals were required for the completion of the acquisition, underscoring the seamless nature of the transaction.
The acquisition of RCML underscores RIL’s strategic commitment to innovation, diversification, and sustainable growth in the petrochemical sector. As the company continues to expand its presence in key market segments, RIL remains focused on delivering value to its stakeholders while contributing to the advancement of India’s industrial landscape.
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