Reliance Ethane Holding Pte. Ltd. (REHPL) has entered into a binding definitive agreement with Mitsui O.S.K Lines Ltd. (MOL) of Japan and a minority investor for strategic investment in six special purpose limited liability companies, each owning a very large ethane carrier (VLEC) of Reliance Industries Ltd (RIL).
The transaction is subject to regulatory approvals. Post deal closure, the special purpose vehicles shall be jointly controlled by REHPL and MOL.
“Given MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs. We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs,” said P.M.S. Prasad, ED, RIL.
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Fleet owners
“This investment will enable MOL to add six unique VLECs, which we have been operating for some time now, as owners to its existing fleet of over 850 vessels which include LNG carrier, other tankers, dry bulk carriers, car carriers, ferries and coastal RoRo ships and cruise ships. We look forward to use this strategic opportunity to be a joint owner and significantly strengthen our existing relationship with Reliance,” said Takeshi Hashimoto, member of the board and executive vice-president, MOL.