Billionaire Mukesh Ambani-led Reliance Industries announced on Wednesday that its wholly owned unit\u00a0Reliance Ethane Holding has struck a deal with Japan's shipping major\u00a0Mitsui OSK Lines for a\u00a0strategic investment into Reliance's six 'very large ethane carriers.' Notably,\u00a0Reliance Ethane Holding has a 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (VLEC). "REHPL, Mitsui O.S.K Lines of Japan and a strategic minority investor have signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (\u201cSPVs\u201d), each owning a VLEC," Reliance Industries said in a press release.\u00a0 The transaction is subject to regulatory approvals. Further, post closing, the SPVs shall be jointly controlled by REHPL and MOL. Taking stock of the strategic rationale,\u00a0PMS Prasad, Executive Director, RIL said that the deal will improve efficiency of the\u00a0VLECs.\u00a0\u201cGiven MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs. We welcome MOL as a atrategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs,\u201d Prasad said.\u00a0 Also read:\u00a0Gold loses sheen: Yellow metal at near 4-month low as China GDP fuels risk From the perspective of Mitsui OSK Lines, the deal would help in adding six new VLECs to its existing fleet. \u201cThis investment would enable MOL to add six unique VLECs, which we have been operating for some time now, as owners to its existing fleet of over 850 vessels which include LNG carrier, other tankers, dry bulkers, car carriers, ferries and coastal RoRo ships and cruise ships,\u201d Takeshi Hashimoto, Member of the Board, Executive Vice President at\u00a0Mitsui OSK Lines said. Further, Hashimoto noted that MOL has detailed knowledge about these assets, having supervised the construction and delivery of the six VLECs and subsequently operating them since their delivery. \u201cWe are therefore happy and look forward to use this strategic opportunity to be a joint owner and to significantly strengthen our existing relationship with Reliance,\u201d he added.