The present disclosure provides an ionic liquid compound of Formula (I) and its application in reactions such as alkylation, arylation, acylation, diels alder and oligomerization. [(NR1R2R3)iM1]n+[(M2Yk)L Xj]n- (Formula I). The present disclosure also provides a process for preparing the ionic liquid compound of Formula (I) which involves preparing an ionic salt complex represented by Formula [(NR1R2R3)iM1]n+[Xj]n- by mixing an amine represented by Formula NR1R2R3 and a metal salt represented by formula M1Xj; and mixing the ionic salt complex and a metal salt represented by formula M2Yk to obtain the ionic liquid compound.
