New Delhi, March 13 (IANS) Reliance Ethane Holding Pte Ltd (REHPL), a wholly owned subsidiary of Reliance Industries, has invested in 34,300,000 ordinary shares of face value of USD 1 each for cash at par, in each of its three wholly owned subsidiaries, viz., Ethane Coral LLC, Ethane Diamond LLC and Ethane Jade LLC (Ethane LLCs), aggregating $102.90 million.
Ethane LLCs have entered into ship building contracts (SBCs) for purchase of Very Large Ethane Carriers (VLECs) and each Ethane LLC will own a VLEC. VLECs are being acquired for the transportation of Ethane.
The investment is made to enable Ethane LLCs to make part payment towards cost of construction of three VLECs, Reliance Industries said in a filing.
Ethane LLCs are limited liability companies incorporated on December 4, 2023 in the Republic of the Marshall Islands, to own VLECs and are yet to commence commercial operations.
“The investment falls within related party transactions, being a transaction between REHPL (a wholly owned subsidiary of the company) and its wholly owned subsidiaries, and is on arm’s length basis. The Promoter, Promoter Group and other group companies are not interested in above investment. No governmental or regulatory approvals were required for the above investment,” Reliance Industries said in a filing.
–IANS
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