Mukesh Ambani: Shocking decision of Reliance Industries after huge profit, will no longer do this work – reliance industries withdraws ambitious plan to merge new energy business with itself
[ad_1]
RNEL is a wholly owned company of Reliance. Presently its merger proposal is pending for approval in the Mumbai branch of the National Company Law Tribunal. Reliance said in an exchange filing that its board had approved the proposal for merger of RENL with Reliance on May 6 last year. Based on the review of the New Energy/Renewable Energy business and the investment structure, the Board has decided to withdraw the proposal. This decision was taken in the meeting of the board of Reliance held on 21 April. The company will now pursue renewable energy business through RNEL.
Mukesh Ambani himself will see this business
Reliance is investing billions of dollars in new energy business. Announcing the fourth quarter results on Friday, Ambani had said that work on the New Energy Giga Factories in Jamnagar is progressing at a fast pace. Reliance is investing heavily in the renewable energy sector and forming strategic partnerships. This will bring revolutionary changes in the energy sector in the country and the world in the coming years. Reliance’s profit in the fourth quarter stood at Rs 19,299 crore, which is the highest ever in a single quarter.
Earlier in a report it was said that 65-year-old Mukesh Ambani himself would see the strategy related to green energy. He has already divided his business among his three children. Elder son Akash Ambani has been given the command of the telecom business while the retail business has been entrusted to daughter Isha Ambani. Younger son Anant Ambani has been given the oil refining and petrochemicals business. According to a Bloomberg report, Mukesh Ambani will now focus his attention on green energy. Ambani is known to work whole heartedly on any project. In 1990, he worked day and night for the petroleum business. After this, in the last two decades, his emphasis was on the telecom business.
[ad_2]
Source link
