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Reliance Industries Ltd (RIL) has incorporated a wholly-owned subsidiary Reliance International Limited (RINL) in Abu Dhabi global market, United Arab Emirates (UAE).

"The company has invested 7.42 crore or $1 million in cash in 1,000,000 equity shares of $1 each of “Reliance International Limited," the company has said in a filing on Saturday.

The subsidiary was set up for trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.

The plans follows an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Co. to produce chemicals that can be used for infrastructure and consumer goods.

The company said that the investment in RINL does not fall within related party transaction and the promoter or promoter group or group companies do not have any interest in RINL.

There were also no governmental or regulatory approvals were required for the said investment.

Reliance company operates the world’s largest oil refining complex in the western Indian state of Gujarat.

RIL's stock traded flat on Friday to close the week at 2,525 on NSE.

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