Reliance Power gets HC okay to merge RNRL with self

MUMBAI: Reliance Power on Friday said that the Bombay High Court has approved the merger of Reliance Natural Resources (RNRL) and other group companies with itself.

The court approval follows shareholders’ consent to the merger of Reliance Futura and its arms, and group company RNRL with Reliance Power. Reliance Futura’s subsidiaries being merged with Reliance Power are — Atos Trading, Atos Mercantile, Coastal Andhra Power Infrastructure and Reliance Prima.

In July, Reliance Power approved the issue of one share for every four shares held in RNRL for merging the company with itself in an all-stock merger deal valued at Rs 50,000 crore.

The merger of Reliance Futura, and its four subsidiaries, with Reliance Power would not have any consideration payable. RNRL and Reliance Industries have signed a revised gas supply master agreement on June 25 in compliance with a Supreme Court order. With the merger, Reliance Power hopes to accelerate commissioning of various gas-fired power plants.