India’s Reliance Industries said on Saturday it had set up a wholly owned subsidiary in the United Arab Emirates (UAE) for trading in crude oil, petroleum, petrochemical products and agricultural commodities.
The plans follows an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Co. to produce chemicals that can be used for infrastructure and consumer goods.
Meanwhile, India asked two of its state-controlled hydropower firms to bid for solar and wind projects, as the nation seeks to expand renewable power capacity to decarbonize its economy.
The federal power minister, Raj Kumar Singh, also asked THDC India Ltd. and North Eastern Electric Power Corp. to increase capital expenditures, the ministry said in a statement.
