RIL invests Rs 1 lakh cash in 10K equity shares of new energy arm
15 Jul 2021
Reliance Industries Ltd has invested Rs 1 lakh in cash in 10,000 equity shares of its newly-incorporated subsidiary Reliance New Energy Solar Ltd (RNESL). In a regulatory filing on Monday, RIL noted that RNESL is yet to commence its business operations. RNESL has been incorporated to undertake activities relating to solar energy. It is hereby informed that the company has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of Reliance New Energy Solar Ltd (RNESL), a newly incorporated wholly-owned subsidiary, it said. The filing added that the investment in RNESL does not fall within related party transaction and the promoter, promoter group or group companies do not have any interest in RNESL. No governmental or regulatory approvals were required for the said investment, it added. As part of its vision for the company rapid transition to a new era of green, clean and renewable energy, RIL Chairman and Managing Director Mukesh Ambani, last month, unveiled the strategy and roadmap for its New Energy and New Materials business with an investment of Rs 60,000 crore over a period of three years. During the 44th annual general meeting of RIL, Ambani said the investment would go into the setting up of four Giga factories that will manufacture and fully integrate all the critical components of the new energy ecosystem involving production of solar energy, storage of intermittent energy, production of green hydrogen and converting hydrogen into motive and stationary power.
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