MOL of Japan and a strategic minority investor have signed binding definitive agreements for an investment in the six special purpose limited liability companies each owning a very large ethane carrier.
"We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs," he said in a statement without giving value of the deal.
"We are. therefore, happy and look forward to using this strategic opportunity to be a joint owner and to significantly strengthen our existing relationship with Reliance," he said.
MOL has a fleet of over 850 vessels which include liquefied natural gas carriers, other tankers, dry bulkers, car carriers, ferries and coastal roll-on/roll-off ships and cruise ships.
After the transaction is closed following regulatory approvals, the SPVs will be jointly controlled by REHPL and MOL.
RIL is India's largest private sector company with a consolidated turnover of Rs 4.3 lakh crore. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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