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Reliance to offer 10% in US arm to Ram Tech

Baburajan K

The Reliance group has offered a 10 per cent stake in the US-based Reliance Technologies LLC to Ram Tech Holdings Inc.

Reliance Technologies is a subsidiary of Reliance Industries, which holds 90 per cent stake. It has been set up in Delaware, US to make business investments on behalf of the group in technology related areas.

A Reliance spokesperson confirmed the development but did not offer any details on the ownership structure of Ram Tech Holding except saying that it was not a group company.

Reliance Industries and Ram Tech Holdings Inc have invested $3.65 million and $405,555, respectively, towards the equity of Reliance Technologies.

Reliance Technologies has total assets of $2.1 million. During the fiscal ended March 31, 2001, it reported a net loss of $1,965,021, while total operating expenses were $29,012.

The company's investments in affiliate companies consist of around 34 per cent interest in eVision LLC, a developer of visual recognition technology designed for media creators, media users and their customers. eVision has recorded losses of $1,943,000 for the nine months ended March 31, 2001.

Reliance also has other subsidiaries in the US - Reliance Infocom Inc of New York and Reliance Infocom BV.

Reliance Infocom Inc, an infotech consultancy firm, is also a Delaware-based corporation set up in 2000 as a wholly-owned subsidiary of Reliance Infocom BV.

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