Behind Reliance Industries' sale of a step-down unit, an OFCD route

The Rs 274-crore sale of a tier-three subsidiary of Reliance Industries to a former partner, Jaipur Enclave, in April had triggered governance questions over related-party transactions. It has now been revealed that Reliance had lent ₹273.75 crore to Jaipur Enclave as convertible debt through another subsidiary.