Mukesh Ambani’s RIL buys another Reliance firm for Rs 3140000000, it was previously owned by…

Mukesh Ambani is the richest man in India with a massive net worth of Rs 921013 crore. He is the chairperson of Reliance Industries (RIL), India’s most valuable company with a market cap of more than Rs 1893000 crore. Mukesh Ambani is involved in a wide range of businesses through subsidiaries of Reliance Industries. In a recent move, RIL has acquired Reliance Chemicals and Materials for Rs 314.48 crore.

Reliance Industries has bought 100% stake in Reliance Chemicals and Materials (RCML) from Reliance Projects & Property Management Services (RPPMSL). "It is proposed to make RCML a direct wholly owned subsidiary and hence, the company has today, at around 3:15 p.m., acquired a 100 per cent equity stake of RCML from RPPMSL for an aggregate consideration of Rs 314.48 crore," it said in an exchange filing.

For those who are unaware, RCML was incorporated in India in November 2022 to undertake business of manufacturing of petrochemicals, Vinyls, Hydrogen & its derivatives, Rare & Industrial gases, Bio energy products & carbon fibre.

"The transaction is between the company and its wholly-owned subsidiary and hence a related party transaction. It is on arm's length basis," it further said in the filing.