RIL advances as Mitsui to acquire stake

Reliance Industries gained 2.52% to Rs 1,379.20 at 14:58 IST on BSE after the company announced that Mitsui O.S.K. Lines would acquire strategic stake in its six group companies.

The announcement was made yesterday, 17 April 2019.

Meanwhile, the S&P BSE Sensex was down 158.11 points, or 0.4% to 39,117.53

On the BSE, 8.24 lakh shares were traded in the counter so far compared with average daily volumes of 5.67 lakh shares in the past two weeks. The stock had hit a high of Rs 1,386 and a low of Rs 1,365 so far during the day.

Reliance Ethane Holding Pte. (REHPL) (incorporated in Singapore, a wholly owned subsidiary of Reliance Industries (RIL), having 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (VLEC or the Vessel)), Mitsui O.S.K Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC. Post closing SPVs shall be jointly controlled by REHPL and MOL.

Mitsui O.S.K. Lines (MOL) is one of the largest shipping companies in the world providing ocean shipping services internationally. It owns and operates a fleet size of over 850 vessels and is also the largest LNG carrier in the world.

RIL will declare its Q4 result today, 18 April 2019. On a consolidated basis, RIL's net profit increased 8.82% to Rs 10251 crore on 56.69% increase in net sales to Rs 156397 crore in Q3 December 2018 over Q3 December 2017.

RIL's activities span across hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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