Reliance Industries on Friday transferred its entire 100% stake in Reliance Projects & Property Management Services Ltd (RPPMSL) to Reliance Retail.
With this transfer, RPPMSL has ceased to be a wholly owned subsidiary of the Company and has become a stepdown subsidiary of the Company, RIL said in its regulatory filing to the Bombay Stock Exchange (BSE).
The transaction being between the Company and its subsidiary is a related party transaction and is on arm’s length basis, it added.
Source: Economic Times 