Reliance Industries has merged its subsidiary Reliance Jamnagar Infrastructure (RJIL) with itself to optimise profitability, administration and to improve efficiency of operation.
RJIL, a 100 per cent subsidiary of RIL, is into the infrastructure development business. It is currently developer and operator a Special Economic Zone (SEZ) in Jamnagar.
In a filing with the BSE on Tuesday, the company said the High Court of Gujarat at Ahmedabad had sanctioned the scheme of amalgamation and that the merger has been effective from October 22. “The High Court order has been filed with the respective offices of the Registrar of Companies and the Scheme has become effective on October 22, 2012, with appointed date being April 1, 2011,” said the company in a filing with the stock exchange.
The RIL stock slid 0.58 per cent to end the day at Rs 809.95.
RIL net profit for the second quarter ended September slipped 5.7 per cent to Rs 5,376 crore from Rs 5,703 crore in the year-ago period.