Joint Venture25 Jun 2025, 11:11 pm
Reliance Industries Ltd: Jio BLAST eSports Private Limited Ceases to be a Subsidiary
AI Summary
Reliance Industries Ltd announced that Jio BLAST eSports Private Limited, a subsidiary of the company, has ceased to be so. This follows a joint venture agreement between RISE Worldwide Limited, a wholly-owned subsidiary of Reliance Industries, and BLAST Esports Limited, a wholly-owned subsidiary of BLAST ApS. The joint venture aims to conduct esports business in India. Jio BLAST has allotted 50,00,000 equity shares to BLAST Esports Limited, reducing RISE's stake to 50%. The transaction is not a related party transaction and does not require any government or regulatory approvals.
Key Highlights
- Reliance Industries Ltd's subsidiary, Jio BLAST eSports Private Limited, ceases to be a subsidiary following a joint venture agreement.
- The joint venture aims to conduct esports business in India between RISE Worldwide Limited and BLAST Esports Limited.
- Jio BLAST has allotted 50,00,000 equity shares to BLAST Esports Limited, reducing RISE's stake to 50%.
- The transaction is not a related party transaction and does not require any government or regulatory approvals.
- BLAST Esports Limited does not belong to the promoter, promoter group and group companies of Reliance Industries Ltd.