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Mitsui OSK Lines to acquire stake in six group companies of Reliance

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Japanese shipping OSK Lines (MOL) will acquire strategic stake in six group of Ambani-led Industries Ltd (RIL), it was announced on Wednesday.

Ethane Holding Pte Ltd (REHPL), a wholly-owned subsidiary of RIL, has 100 per cent holding in six limited liability which own very large ethane carriers.

of and a strategic minority investor have signed binding definitive agreements for an investment in the six special purpose limited liability each owning a very

"The investment by will deepen our relationship and ensure continued, safe and efficient operations of the very large ethane carriers," said RIL's P M S Prasad.

"We welcome 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.

MOL said the investment will enable the company to add six very large ethane carriers which it has been operating.

"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,

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 13:37 IST
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