Reliance Velocity Limited, a wholly-owned subsidiary of Reliance Infrastructure, has incorporated Reliance EV Go Private Limited. The new subsidiary aims to manufacture, buy, sell, and deal in electric vehicles and their components. The company’s authorised share capital is ₹1 lakh.
Reliance Velocity has incorporated Reliance EV Go, a new wholly-owned subsidiary. The entity’s primary objective is to manufacture, deal, and trade in electric vehicles, including their components, and batteries for the advancement of the electric vehicle sector.
The new subsidiary will focus on the automobile and related activities industry, as part of its goal to foster growth in the electric vehicle and battery markets.
No government or regulatory approvals are required for this incorporation. Reliance EV Go is a newly established company and is yet to begin its business operations.
The total investment in Reliance EV Go is ₹1 lakh, which comprises an equity investment in the form of cash, with an authorised and paid-up capital of ₹1 lakh divided into 10,000 equity shares of ₹10 each.
This incorporation of Reliance EV Go is not a related-party transaction, and it does not involve any interest from the promoter or group companies. The transaction is being done at arm’s length, the company said in a press release on the stock exchange.
On December 11, 2024, Reliance Infrastructure’s share price was trading 0.93% lower at ₹302 at 1:00 PM on NSE. The stock opened at ₹305, slightly higher than its previous close of ₹304.85.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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