Reliance Ethane Holding, a wholly-owned subsidiary of Indian conglomerate Reliance Industries , has invested a total of $102.9 million in three of its wholly-owned subsidiaries Ethane Coral, Ethane Diamond, and Ethane Jade.
Reliance Ethane invested in 34.3 million ordinary shares of face value of $1 each in the subsidiaries, according to a Tuesday filing with the BSE.
The three companies have entered into ship-building contracts for the purchase of Very Large Ethane Carriers (VLECs) each for the transportation of Ethane.
The investment will help the subsidiaries to make part payments for the cost of construction of the three carriers.