RNEL is a wholly owned subsidiary of the company. The merger scheme is presently pending with the National Company Law Tribunal, Mumbai Bench for approval.
“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.
“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2023, has decided that the new energy / renewable energy business should be undertaken through RNEL and the scheme be withdrawn,” RIL said in a stock exchange filing.
