iStockReliance Industries Limited (RIL) has withdrawn the merger of its renewable energy arm, Reliance New Energy Limited (RNEL) with itself, the company said in a regulatory filing Saturday.
RNEL is a wholly owned subsidiary of the company.
"Based on a review of the new energy/renewable energy business and investment structure, the Board, at its meeting held on April 21, 2023, has decided that the new energy / renewable energy business should be undertaken through RNEL and the Scheme be withdrawn," RIL said in the regulatory filing.
The company's board had last May approved the scheme of amalgamation.
The scheme is presently pending with the National Company Law Tribunal, Mumbai Bench for approval.
On Friday, Mukesh Ambani in RIL's earnings statement, said the company's new energy giga factories at Jamnagar are 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," Ambani had said.
RNEL is a wholly owned subsidiary of the company.
"Based on a review of the new energy/renewable energy business and investment structure, the Board, at its meeting held on April 21, 2023, has decided that the new energy / renewable energy business should be undertaken through RNEL and the Scheme be withdrawn," RIL said in the regulatory filing.
The company's board had last May approved the scheme of amalgamation.
The scheme is presently pending with the National Company Law Tribunal, Mumbai Bench for approval.
On Friday, Mukesh Ambani in RIL's earnings statement, said the company's new energy giga factories at Jamnagar are 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," Ambani had said.
Saturday, 22 Apr, 2023Experience Your Economic Times Newspaper, The Digital Way!
- Front Page
- Pure Politics
- Companies
- Brands & Companies
- More
- RIL Q4 Net Profit Jumps 18.3% to ₹21,327 Crore
For FY23, RIL's revenue rose 23.2% to ₹9,76,524 crore. Annual ebitda was at a record high of ₹1,54,691 crore, up 23.1%, and annual consolidated net profit was at ₹74,088 crore, up 9.2% year on year.
HDFC or HDFC Bank Can Raise Stake in Life, ERGO Beyond 50%In the run up to the HDFC Bank-HDFC merger, India's central bank has allowed either of the two financiers to increase ownership in insurers HDFC Life and HDFC ERGO to more than 50%, the bank told stock exchanges in a customary filing Friday.
Online Games with Indian Themes, Characters Hit a Chord with PlayersMythical monsters and ancient Indian gods are trumping trolls and orcs as the characters of choice for Indian gamers who are increasingly demanding locally relevant themes and motifs in their online games.
Read More News on
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Get Unlimited Access to The Economic Times 
