Mumbai: Reliance Industries, the owner of the world’s largest petroleum refinery, is slowly entering the new energy business. The company is also building a giga factory in Gujarat. For this, Mukesh Ambani’s group has created a separate subsidiary company called Reliance New Energy Limited (RNEL). Now the company has given a big update about this to the stock market.
- Mukesh Ambani announced his succession plan at Reliance Group’s AGM last year
- The company invested heavily in ‘New Energy Giga’ factories which could prove to be a game changer in the country’s renewable energy plan.
Mukesh Ambani announced his succession plan at Reliance Group’s AGM last year. In this, Isha Ambani was asked to give Reliance Retail, Akash Ambani to Reliance Jio and Anant Ambani to Reliance’s new energy business. On May 6, 2022, the board of Reliance Industries approved the merger of RNEL with Reliance Industries. The process of merger of RNEL with Reliance Industries is pending before the National Company Law Tribunal for approval. Meanwhile, in the board meeting of the company on 21 April 2023, it was decided not to merge it with Reliance Industries.
According to the statement of Reliance Industries, the company has withdrawn the scheme of merger of RNEL and RIL. Thus RNEL will continue to be a wholly owned subsidiary of Reliance Industries as before.
Reliance Group’s refinery is in Jamnagar, Gujarat. The company is setting up its ‘New Energy Giga’ factories in this city. The company has invested heavily on this business. The way Reliance is investing in this sector, it can prove to be a game changer in the country’s renewable energy plan in the coming days.
Reliance Industries has recently announced its fourth quarter results for the financial year 2022-23. Accordingly, the company has made a consolidated profit of Rs 19,299 crore in January-March. The company’s Jio and retail businesses have recorded tremendous revenue growth.