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RIL gains 3% on plans to hive-off gasification assets into separate unit

RIL said the Scheme will also enable the company to evaluate unlocking the value of syngas, with a collaborative and asset-light approach involving induction of investor(s) in the gasifier subsidiary

SI Reporter Mumbai

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Photo: Shutterstock

2 min read Last Updated : Nov 25 2021 | 11:10 AM IST

Shares of Reliance Industries (RIL) were up 3.4 per cent at Rs 2,431.80 on the BSE in Thursday’s intra-day trade after the company’s board decided to implement a scheme of arrangement to transfer gasification undertaking into a wholly-owned subsidiary (WOS). RIL made the announcements on Wednesday after market hours. The board has approved a scheme as a going concern on slump sale basis for a lump sum consideration equal to the carrying value as on the appointed date i.e. March 31, 2022.