No plans for merger with Reliance Industries: RIIL

NEW DELHI: Reliance Industrial Infrastructure Ltd (RIIL), an infrastructure development company promoted by Mukesh Ambani, on Sunday said there are no plans to merge the firm with Reliance Industries or any other entity.

"There are no plans or proposals being considered by the company to merge or otherwise restructure the company with RIL or any other entity," Reliance Industrial Infrastructure Ltd spokesperson said.

It has been brought to the attention of the company that there have been certain market rumours and reports in the media about a potential merger involving RIIL, he said.

"We also wish to clarify that all such speculative reports in the media are false and baseless," spokesperson added.

Meanwhile, RIIL, which gained a whopping 189 per cent in the last seven trading sessions, helped its promoter Reliance Industries gain Rs 367.52 crore.

RIL held 45.43 per cent stake in the company for the quarter ended December, 2008.

The RIIL scrip surged to Rs 819.50 on April 9, gaining over three times from Rs 283.75 on March 30 on the BSE.

The company, the spokesperson said, has already communicated its concern to the stock exchanges and the Securities and Exchange Board of India.