Reliance Industries Ltd is foraying into the business of commercial property development and has set up a subsidiary called Reliance SOU Ltd.
The company said in an exchange filing on Tuesday that it has incorporated Reliance SOU “to carry on, inter alia, the business of development of properties for commercial use.” It has invested an initial capital of ₹1 lakh in the subsidiary.
There were no more details on this, including what kind of commercial properties it proposed to develop. It was also not clear whether the company intends this for its own use or for third parties.
Interest in realty
RIL’s interest in real estate or property development is not new. In 2019, it had acquired a 65 per cent stake in a real estate project in the business hub of Bandra Kurla Complex in Mumbai for ₹1,105 crore. A month later, it set up Reliance Navi Mumbai Infra Development for real estate development.
It has a very active real estate division that undertakes major development projects for the group such as the Jio World Centre and Jio World Garden at Bandra Kurla.