Reliance Industries Limited (RIL) has withdrawn the merger of its renewable energy arm, Reliance New Energy Limited (RNEL) with itself, the company said in a regulatory filing Saturday.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2023, has decided that the new energy / renewable energy business should be undertaken through RNEL and the Scheme be withdrawn,” RIL said in the regulatory filing.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.
