Reliance Infrastructure (RInfra) today said its board has approved amalgamation of Reliance Concrete Pvt Ltd with itself. Reliance Concrete Pvt Ltd is a step-down wholly-owned arm of Reliance Infrastructure Limited (Rlnfra), the company said in a filing to BSE. “The board of directors at its meeting on February 8, 2016 has approved a Scheme of Amalgamation of Reliance Concrete Private Limited, a step-down wholly-owned subsidiary of Reliance Infrastructure Limited (RInfra) with RInfra, subject to requisite approvals,” the filing said. The filing further said Reliance Concrete has not carried out any significant operations and thus, the scheme of amalgamation is proposed with a view to “simplification of the group structures and fulfillment of a condition precedent to the sale of shares of Reliance Cement Company Pvt Ltd, the direct holding company of the Transferor Company.” The scheme of amalgamation is also proposed for “elimination of multiple entities within the group, and optimal utilisation of resources, better administration, reduction of cost and achieving operational and management efficiency,” it said.
Source: Economic TimesRInfra approves Reliance Concrete merger with itself.
Industry: Infrastructure 2016-02-09
