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Reliance Industries Ltd (RIL) has decided to withdraw the scheme to merge subsidiary Reliance New Energy with itself as it feels that the new, renewable energy business should be undertaken by the subsidiary and not by the company.
The company said that the decision was taken based on a review of the new energy, renewable energy business and investment structure. It was “decided that the new energy/renewable energy business should be undertaken through RNEL and the Scheme be withdrawn,” it said in an exchange filing.
In May last year, the company said that Reliance New Energy would be amalgamated as the renewable energy initiatives would be undertaken by RIL directly.
Also read: Reliance Industries planning major investments in Australia’s energy sector
Mukesh Ambani has big plans in the renewable sector and in 2021 charted a massive investment of ₹75,000 crore in green energy over three years. Of this, ₹60,000 crore would be spent on setting up four giga factories at Jamnagar to make solar photovoltaic cells, green hydrogen, electrolysers, batteries, and fuel cells. Another ₹15,000 crore is to be spent on developing the value chain, and partnerships.
In the annual report for FY22, Ambani said that the new energy business had the potential to overtake other businesses of the group in the next 5-7 years.
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