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Board of Reliance Industries approves scheme of arrangement

Capital Market 

On 24 November 2021

The Board of Reliance Industries on 24 November 2021 has decided to implement a scheme of arrangement between Reliance Industries and its shareholders and creditors and Reliance Syngas and its shareholders and creditors.

The Scheme inter alia provides for transfer of Gasification Undertaking (as defined in the Scheme) of the Company to RSL as a going concern on slump sale basis for a lump sum consideration equal to the carrying value of Gasification Undertaking as on the Appointed Date. The Appointed Date of the Scheme of Arrangement would be 31 March 2022 or such other date as may be determined by the board of directors of the Company and RSL.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 25 2021. 09:13 IST