Today, the board of Reliance Industries, owned by billionaire Mukesh Ambani, said in a stock exchange filing that it had decided against merging with its subsidiary Reliance New Energy Limited (RNEL). According to RIL, RNEL will manage the conglomerate's business in renewable energy. The merger plan was authorized by the company's board in May of last year.
The company's completely owned subsidiary is RNEL. Currently, approval of the merger plan is pending before the Mumbai Bench of the National Company Law Tribunal.
"This is further to our disclosure dated May 6, 2022, wherein we had informed that the Board of the Company had approved the Scheme of Amalgamation of Reliance New Energy Limited (“RNEL”) with the Company and their respective shareholders (“Scheme”) under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 with an objective to undertake new energy / renewable energy business directly by the Company," RIL said in the exchange filing.
Reliance is investing billions of dollars in the new energy business. Mukesh Ambani said in a statement on Friday "Implementation of our New Energy giga factories at Jamnagar is making significant progress. This puts us on track to achieve our goals of transitioning to cleaner energy and enabling sustainable growth. I believe Reliance’s significant investments and strategic partnerships in the renewable energy vertical will help transform the energy landscape of India and the world, in the coming years," as the RIL announced its fourth quarter results.
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
