Reliance Infra Unit Launches Two Subsidiaries to drive into Auto Sector

Reliance Infra Electric Vehicle Expansion

“The purpose of forming two subsidiaries is to manufacture vehicles and their components that run on electricity, batteries or other means”

Reliance Infrastructure Limited’s subsidiary company Reliance Velocity Limited has joined hands with two new subsidiary companies to promote business in the automotive and related sectors, the company said in an exchange filing on Friday. The two entities are Reliance Moving Private Limited and Reliance Greenatek Mobility Private Limited.

The objective of the combination of the two subsidiary companies is to deal and manufacture electric, seated or other driven vehicles and their components, the exchange filing said. Both the companies have a maximum repayable share capital of Rs 1 lakh each, which includes 10,000 equity shares of Rs 10 per share.

Reliance Infrastructure said in its exchange filing that Reliance Moving Private Limited and Reliance Greenatek Mobility Private Limited have recently merged and have not yet started business operations

Reliance Infrastructure shares rose 1.86% to close at Rs 292.40 per share on Friday after falling for two days. During the session, it rose 5% to reach Rs 301.40 per share.

The share grew by 21.78% in 12 months. Total business volume was 1.9 times higher than the 30-day average. Relative strength index was at 45.47.

Disclaimer: Yes, the article is for informational purposes only and not investment advice.