Reliance Industries on Saturday said the company’s board has withdrawn the proposal to merge subsidiary Reliance New Energy Limited (RNEL) with it, and RNEL will undertake the conglomerate’s renewable energy business.
“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2023, has decided that the new energy / renewable energy business should be undertaken through RNEL and the Scheme be withdrawn,” said Reliance in its regulatory filing.
Last year, in May, Reliance had said that Reliance New Energy (RNEL) would be amalgamated as the renewable energy initiatives would be undertaken by the company directly.
Reliance New Energy (RNEL) is a wholly-owned subsidiary of RIL.
The scheme is currently pending with the National Company Law Tribunal (NCLT), Mumbai Bench for approval, it has now been decided to be withdrawn.
“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,” the filing noted.
Reliance Industries (RIL) registers 19.11% YoY growth in consolidated net profit to ₹19,299 crore in the quarter ending March 31, 2023, driven by robust upside in mainstay oil-to-chemicals (O2C) posting highest ever operating profit and lower rate. The conglomerate’s oil and gas segment also delivered strong growth, while the telecom segment was broadly in-line.
The oil-to-telecom empire posts consolidated PAT of ₹19,299 crore, up by 19.11% from ₹16,203 crore in Q4Y22. The growth was at a higher pace by 22.21% from ₹15,792 crore in Q3FY23.
The Mukesh Ambani-backed company also saw an increase of 21.8% YoY in consolidated EBITDA to ₹41,389 crore.
The O2C business reported a record EBITDA of ₹16,293 crore in Q4FY23 surging by 14.4%. However, the segment’s revenue dipped by 11.8% YoY to ₹128,633 crore in the quarter.
