Reliance Industries Ltd (RIL), on Tuesday, said it has set up a subsidiary, Reliance SOU. The subsidiary will be developing properties for commercial use, the company said.

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The Mumbai-headquartered conglomerate will also invest in its subsidiary, Reliance SOU.

In an exchange filing, Reliance Industries said, "The company has incorporated a wholly owned subsidiary named Reliance SOU Limited to carry on, inter alia, the business of development of properties for commercial use and invested Rs. 1,00,000 in the equity shares of RSOUL."

At the beginning of the month, Reliance Industries, along with Ashok Leyland unveiled Hydrogen IC Engine (H2-ICE)-powered Truck At the India Energy Week.

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Last month, the company's net profit increased by about 16 percent to Rs 15,792 crore against Rs 13,656 crore in the previous quarter of the same fiscal year. The company saw a decline of nearly 6 percent in its revenue, which came in at Rs 2.17 lakh crore against Rs 2.30 lakh cr in the previous quarter of the same fiscal year.

However, Reliance Industries' margin improved to 16.2 percent against 13.6 percent in the previous quarter of the same fiscal year.

Furthermore, the company reported a drop in its O2C business revenue, which came in at Rs 1.44 lakh crore, down 10 percent against Rs 1.60 lakh crore in the previous quarter of the same fiscal year. However, its oil & gas business revenue surged over 16 percent at Rs 4,474 crore against Rs 3,853 crore in the previous quarter of the same fiscal year.

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Last year in December, Reliance Industries' arm, Reliance Strategic Business Ventures (RSBVL), acquired a 23.3 percent stake in Exyn Technologies for $25 million.

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