Anil Ambani big move, not even Mukesh Ambani has done this, as Reliance Infrastructure expands into…

Reliance Velocity Limited has launched a brand new venture devoted to crafting and selling diverse types of vehicles. Check out the details here.

Good news for Anil Ambani: In a significant development for Anil Ambani, Reliance Infrastructure announced the creation of Reliance Clean EV Pvt. Ltd. (RCEVPL), a subsidiary of Reliance Velocity Ltd.. The subsidiary is aimed at focusing on manufacturing and trading vehicles and components using various fuel options, thus helping Reliance’s expansion plan into the automobile sector. Here are the details you should note about his new venture.

Reliance Infrastructure Ltd., through its wholly owned subsidiary Reliance Velocity Ltd. (RVL), has established a new entity named Reliance Clean EV Private Ltd. (RCEVPL).

“RCEVPL was incorporated on November 20, 2024, as a wholly owned subsidiary of Reliance Velocity Limited (RVL), which is  a wholly owned subsidiary of the Company. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on November 20, 2024”, the firm disclosed its new subsidiary in its exchange filing.

About Reliance Clean EV Private Ltd

Reliance Clean EV Private Ltd., also known as RCEVPL, comes with an authorized and fully paid-up equity capital worth Rs 1,00,000. This amount comes from 10,000 shares, each one priced at Rs 10. Owned completely by Reliance Velocity Ltd. or RVL, RCEVPL is a fresh addition to Reliance Infrastructure’s operations through RVL, and marks their expanded interest and participation in the automotive and related sectors.

RVL has launched a brand new venture devoted to crafting and selling diverse types of vehicles, along with their parts, each powered by different fuels for transportation purposes. This newly developed firm stands as a prominent player in the automobile industry and allied segments, entirely under the ownership of RVL.

The company, run by Reliance Group Chairman Anil Ambanisaid it had already lodged a complaint against the third party that arranged the bank guarantee with the economic offence wing of the Delhi Police. It did not name the third party.

Indian companies are increasingly looking to set up clean energy projects as the country targets 500 GW of renewable energy by 2030 as part of its 2070 net zero goal, up from the current installed capacity of about 154 GW. In August, Anil Ambani was banned from the securities market for five years and fined about $3 million by the Indian markets regulator on charges of diversion of funds.

(With inputs from agencies)