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Reliance will not merge this business, Mukesh Ambani had announced big investment

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Reliance will not merge this business, Mukesh Ambani had announced big investment

Reliance Industries: Billionaire Mukesh Ambani’s company Reliance Industries will not merge its subsidiary company Reliance New Energy Limited (RNEL). Giving information in the regulatory filing, Reliance Industries said that the plan of Reliance Industries is not to merge this business now.

This development comes after the review meeting on New Energy Business and Investment Structure held on 21 April. Reliance Industries, which does business from oil to telecom, said in its filing that it has been decided in the board meeting that the renewable energy business will run under RNEL only.

The decision to merge was taken in May

During May last year, Mukesh Ambani’s company had decided that the business of New Energy (RNEL) would be directed under RIL. This means that raising funds for any kind of deal or new energy and other work would have been done under Reliance Industries, but now Reliance has taken a step back from this plan. Please tell that RNEL is a subsidiary company of Reliance Industries.

Mukesh Ambani had announced a big investment

Reliance Industries Chairman Mukesh Ambani had announced in 2021 to rapidly establish itself as a clean energy enterprise. He had announced to make a big investment in the future. Mukesh Ambani had planned an investment of Rs 75,000 crore in three years. In this, RIL will invest more than Rs 60,000 crore in the next three years for New Energy and Rs 15,000 crore for various other businesses.

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Reliance recorded profit

India’s largest company Reliance Industries has registered a net profit of Rs 19,299 crore for the March quarter of the financial year 2022-23. The company has registered a profit of 19 percent more than the year-ago period.

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