Reliance Industries withdraws proposal to merge subsidiary RNEL with itself

lipped from: https://www.business-standard.com/companies/news/reliance-industries-withdraws-proposal-to-merge-subsidiary-rnel-with-itself-123042200749_1.html

RNEL will undertake the conglomerate’s new energy/renewable energy business

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Reliance Industries (RIL) on Saturday said the company’s board has withdrawn the proposal to merge subsidiary Reliance New Energy Limited (RNEL) with itself. RNEL will undertake the conglomerate’s new energy/renewable energy business.

RNEL is a wholly-owned subsidiary of RIL.

“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21, 2023, has decided that the new energy/renewable energy business should be undertaken through RNEL and the Scheme be withdrawn”, the company said in a release.