Reliance Industries Ltd is foraying into the commercial real estate sector and has incorporated a new unit called Reliance SOU Ltd, the company said in stock exchange filings. Industrialist Mukesh Ambani’s company said that it has invested an initial capital of Rs 1 lakh in the newly launched subsidiary. “The Company has incorporated a wholly owned subsidiary named ‘Reliance SOU Limited’ (‘RSOUL’) to carry on, inter alia, the business of development of properties for commercial use and invested Rs. 1,00,000 in the equity shares of RSOUL,” RIL said in the filing. With this move, RIL will now compete with the biggies like Adani Properties, Tata Realty & Infrastructure, Shapoorji Pallonji & Co, among others in the commercial real estate sector.
