Jun

9

Scheme of Arrangement between Reliance Infrastructure and its fully-owned Subsidiaries

Filed Under Energy, Indian Companies, Infrastructure | 1 Comment

Reliance Infrastructure Limited has informed the Exchange that the equity shareholders of Reliance Infrastructure Limited, at their meeting convened pursuant to the Order of the Honble High Court of Judicature at Bombay, held on June 09, 2009 have approved the Scheme of Arrangement between the Company and its wholly owned subsidiaries Reliance Energy Generation Limited , Reliance Goa and Samalkot Power Limited, Reliance Power Transmission Limited, Reliance Energy Limited, Reliance Infraventures Limited and Reliance Property Developers Limited and their respective shareholders and creditors under Sections 391 to 394 of the Companies Act, 1956.

The votes cast in favour of the resolution approving the Scheme were 99.9993% of the total votes cast at the meeting. Further, the Company has submitted to the Exchange the Media Release dated June 09, 2009 titled “Shareholders of Reliance Infrastructure Limited approve the Scheme of Arrangement for Demerger of the following divisions of the Company:

i. Dahanu Thermal Power Station

ii. Goa and Samalkot Power Stations

iii. Power Transmission

iv. Power Distribution

v. Toll Roads

vi. Real Estate to the respective wholly owned resulting companies”.

May

21

Reliance Industries Gets Govt Approval For Piped Gas Deal

Filed Under Energy, India Business, Indian Companies | Leave a Comment

Reliance Industries Ltd. (RIL) has received government approval to sign agreements with firms supplying gas to households and car owners in major cities.

RIL got Indian govt approval for the allocation of gas from RIL’s Krishna-Godavari basin to gas distribution firms (CGD) in Delhi as well as Mumbai, Ahmedabad, Gandhinagar, Agra, Indore and Ujjain.

This move is significant for the following reasons.

  • The natural gas used in a compressed form or supplied to homes through pipes is a far cheaper alternative than LPG, diesel or petrol. This move by the government will result the distribution firms in the form of adding more consumers and generate more revenue once the gas becomes available.
  • The cost of transport for the commuters will drop, who are using buses, taxis and auto rickshaws using CNG. This is expected to benefit RIL in a big way.
  • RIL is already selling natural gas to fertilizer and power firms and the addition of CGD firms will help increase its revenue and profitability. [source : Asian Cerc]

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