By IANS,
Mumbai : The Reliance Anil Dhirubhai Ambani Group (ADAG) Friday said the boards of two of its companies — one in the business of generating power and the other that trades and transports oil and gas — will meet here July 4 to consider merger.
“A meeting of the board of directors of the company will be held on July 4 to consider merger of Reliance Natural Resources with Reliance Power,” the two companies said in identical regulatory filings with the stock exchanges.
The statement — which did not specify the reason behind the proposed merger — was released after the closing bell at Indian bourses.
While Reliance Power closed the day with a gain of 3.3 percent at Rs.175.15, Reliance Natural Resources settled 1.9 percent down at Rs.63.65 a share, data available with the Bombay Stock Exchange showed.
The market capitalisation of the two companies stood at Rs.41,979 crore and Rs.10.394 crore, respectively, as at closing bell Friday.
Reliance Power on its own and through subsidiaries has a portfolio of almost 35,000 MW of power generation capacity, both operational as well as under development, including three ultra-mega projects.
Reliance Natural Resources is engaged in the business of sourcing and transportation of gas, coal and liquid fuels. It is the second largest player in the coal bed methane business in India in terms of acreage and has significant oil and gas blocks in Mizoram.