Reliance Infrastructure has received an approval for the proposed scheme of arrangement whereby it will merge five wholly owned subsidiaries with itself. The five subsidiaries which will be merged with the company are Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers.
It has also received an approval whereby it will demerge the container business undertaking of Reliance Infrastructure Engineers with the company. The board at its meeting held on January 17, 2012 has approved for the same.
As per the scheme, no shares are proposed to be issued as the transferor companies and the demerged companies are wholly owned subsidiaries of the company.
Further, the above arrangement will be done under Companies Act 1956, with the appointed date as January 01, 2012, subject to obtaining the requisite approvals including that of the Bombay High Court.
Reliance Infrastructure has a presence across the value chain of the power business -- generation, transmission, distribution, EPC and trading. It develops projects in all high growth areas in the infrastructure sector, namely roads, highways, metro rails, airports and speciality real estate.
Company Name | CMP |
---|---|
NTPC | 333.30 |
Tata Power | 401.25 |
Power Grid Corp | 315.75 |
Adani Power | 498.45 |
Torrent Power | 1476.80 |
View more.. |