On Saturday, India’s Reliance Industries Ltd. (RIL) announced the establishment of a fully-owned subsidiary in the UAE for trading in crude oil, petroleum, petrochemical products, and agricultural commodities.
The subsidiary is named Reliance International Ltd (RINL) has not started operations. The investment RIL put in the company was USD1 million.
The parent company did not provide a reason for locating the subsidiary in the UAE, albeit it is in line with expanding the company internationally.
