Reliance Pares Bses Holding To 49.5 Per Cent

Reliance Industries (RIL) has de-subsidiarised power company BSES, effective March 29, 2003, by paring its stake to 49.5 per cent from over 55 per cent. BSES is now an associate company. Under the Companies Act, 1956, a company has to hold a minimum 51 per cent in another company to classify it as a subsidiary.

The de-subsidiarisation follows the sale of a 5.66 per cent stake by Reliance Power Ventures (RPVL), a wholly owned RIL subsidiary, to Reliance Capital.