Reliance Launches REC SES in Singapore

14 Feb 2025 , 09:25 AM

Reliance Industries Ltd (RIL) has set up a wholly-owned subsidiary, REC Sustainable Energy Solutions Pte Ltd (REC SES), in Singapore on February 12, 2025.

The new entity will function as a global capability centre, to consolidate R&D centres, to mobilise talent across the globe and provide techno-commercial support for the firm’s new energy initiatives.

The equity investment from RIL is by way of a subscription for the first 100,000 shares at US$1 per share. The agreement is not deemed a related-party transaction, and no regulatory approvals were needed for the incorporation.

Reliance Industries Q2 profit surpassed targets as net profit rose 7% to ₹18,540 crore in Q3 FY25 from ₹17,265 crore in Q3 FY24. On a consolidated basis, revenue rose 6.7% YoY to ₹2.40 lakh crore, up from ₹2.25 lakh crore in the corresponding quarter last year. EBITDA increased by 7.7% YoY to ₹43,789 crore vs ₹40,656 crore in Q3 FY24.

EBITDA margin increased marginally to 18.3% YOY compared to 18.1% in previous year’s quarter indicating like-for-like margin expansion and hence higher profitability and operating efficiency.