Reliance Industries (RIL) on Saturday said the company's board has withdrawn the proposal to merge subsidiary Reliance New Energy Limited (RNEL) with itself. RNEL will undertake the conglomerate's new energy/renewable energy business.
RNEL is a wholly-owned subsidiary of RIL.
"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21, 2023, has decided that the new energy/renewable energy business should be undertaken through RNEL and the Scheme be withdrawn", the company said in a release.
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