Mumbai/ Bengaluru, June 5 -- Reliance Industries Ltd channelled money to a small firm with no business operations of its own likely to fund the acquisition of a third-layer step-down subsidiary of the country's most valuable company.

Reliance Industries has so far described the deal as a non-related-party transaction.

Under the transaction, Reliance Retail Ltd sold a subsidiary called Reliance Projects & Property Management Services Ltd (RPPMSL) to Jaipur Enclave Pvt. Ltd in April for Rs.274 crore. Privately held Reliance Retail is a subsidiary of Reliance Retail Ventures Ltd, which in turn is a subsidiary of Reliance Industries.

On 30 April, 17 days after the deal was announced by Reliance, Jaipur Enclave issued Rs.273.75 crore worth ...