Reliance Industries Limited (RIL), one of India's largest conglomerates, has announced the dissolution of its step-down wholly owned subsidiary, Reliance Global Project Services Pte. Ltd., in Singapore. This strategic move, effective September 20, 2025, marks a significant development in RIL's global operational structure.

Dissolution Details

According to a disclosure made by Reliance Industries to the stock exchanges, the dissolution of Reliance Global Project Services Pte. Ltd. was confirmed by the Accounting and Corporate Regulatory Authority, Singapore, on September 22, 2025. As a result, the entity has ceased to be a subsidiary of Reliance Industries.

Timeline of Events

• April 17, 2025: Initial communication regarding the planned dissolution
• September 20, 2025: Effective date of dissolution
• September 22, 2025:
  • Confirmation of dissolution by Singapore authorities
  • RIL received notification at 11:31 A.M. IST

Regulatory Compliance

The company has adhered to regulatory requirements by promptly disclosing this information under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure was signed by Savithri Parekh, Company Secretary and Compliance Officer of Reliance Industries Limited.

Implications for Reliance Industries

While the specific reasons for the dissolution were not provided, such moves are often part of larger corporate restructuring efforts aimed at optimizing global operations and improving overall efficiency. The dissolution of this step-down subsidiary could potentially streamline RIL's international project services operations.

Market Response

As this news unfolds, market analysts and investors will likely be watching closely to see if this dissolution has any significant impact on Reliance Industries' global strategy or financial outlook. However, as a step-down wholly owned subsidiary, the direct financial impact on RIL's consolidated financials may be limited.

Reliance Industries continues to be a major player in various sectors, including energy, petrochemicals, retail, and digital services. The company's strategic decisions, such as this dissolution, reflect its ongoing efforts to adapt and optimize its global business structure in an ever-changing economic landscape.

Chris Wood, Global Head of Equity Strategy at Jefferies, has made significant changes to his India long-only portfolio, selling off shares of Reliance Industries and Axis Bank while adding new positions in Ambuja Cement, Le Travenues Technology (Ixigo), and Lemon Tree Hotels.

Portfolio Restructuring

Wood's portfolio adjustments include:

• Selling Reliance Industries shares (previously held at 5% weightage)
• Selling Axis Bank shares
• Adding Ambuja Cement, Ixigo, and Lemon Tree Hotels with 4% weighting each
• Reducing holdings in ICICI Bank, REC, and JSW Energy by one percentage point each

Reliance Industries Recent Developments

The decision to sell Reliance Industries shares comes after Mukesh Ambani's recent announcements at the company's Annual General Meeting (AGM), which included:

• Plans for an AI subsidiary called Reliance Intelligence
• A revenue target of Rs 1.00 lakh crore for the FMCG business
• Jio Platforms IPO scheduled for 2026

Ambuja Cement Addition

Wood's inclusion of Ambuja Cement in his portfolio coincides with two significant developments:

1. GST rate reduction on cement from 28% to 18%, effective September 22
2. HSBC's upgrade of Ambuja Cement to 'buy' from 'hold'

HSBC cited several factors for their upgrade:

• Expected cost savings from new clinker kilns
• Anticipated operational improvements
• Industry consolidation through M&A activity, which should support pricing discipline

Market Implications

These portfolio changes by a prominent global strategist may signal shifting sentiments in the Indian equity market. The move away from heavyweight stocks like Reliance Industries and the addition of sector-specific companies like Ambuja Cement could indicate a more diversified approach to Indian equities.

The restructuring also highlights the potential opportunities in the cement sector, particularly in light of the recent GST rate reduction, which could boost demand and profitability for companies like Ambuja Cement.

Investors and market watchers will likely keep a close eye on these newly added stocks, as Wood's portfolio decisions often influence market trends and investor sentiment in the Indian stock market.