January 17, 2012 / 3:50 AM / 6 years ago

Singapore govt builds 1 pct stake in India's Reliance

MUMBAI, Jan 17 (Reuters) - The government of Singapore held a stake of just over 1 percent in Reliance Industries , the energy-based conglomerate controlled by Mukesh Ambani, India’s richest person, according to data as of Dec. 31 on the company’s website.

Reliance is India’s most valuable company, and the Singapore government’s stake would be worth about $498 million based on the company’s Monday closing price.

Shareholding data on the National Stock Exchange website as of the end of September does not identify the Singapore government as a holder of more than 1 percent of the company.

Singapore operates two of Asia’s biggest sovereign wealth funds, the Government of Singapore Investment Corp, known as GIC, and Temasek Holdings.

Reporting by Tony Munroe; Editing by Ted Kerr

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