Reliance Industries withdraws proposal to merge subsidiary RNEL with itself

Reliance Industries (RIL) on Saturday said the company's board has withdrawn the proposal to merge subsidiary Reliance New Energy Limited (RNEL) with itself. RNEL will undertake the conglomerate's new energy/renewable energy business.

RNEL is a wholly-owned subsidiary of RIL.

"Based on a review of the new energy/renewable energy business and investment structure, the Board, at its meeting held on April 21, 2023, has decided that the new energy/renewable energy business should be undertaken through RNEL and the Scheme be withdrawn", the company said in a release.