New Delhi: Reliance Industries (RIL) shares surged by more than 5% on Thursday after the board decided to implement a scheme of arrangements to transfer the gasification business to a wholly owned subsidiary.
As of 12:39 pm, RIL shares rose 5.40% in the BSE index to Rs 2,477.90.
“The board of directors on November 24 announced that it had decided to implement a scheme of arrangements to transfer the gasification business to a wholly owned subsidiary (WOS),” the company said in a statement.
We have decided to implement a scheme of arrangements between RIL and its shareholders and creditors. Reliance Singus (RSL) and its shareholders and creditors.
RSL is a wholly owned subsidiary of Reliance. RIL invested 10 rupees in cash in 1 rack of stock of 10 rupees per RSL.
“The Jamnagar Gasification Project was established with the aim of producing syngas that meets energy requirements as refinery off-gas, previously used as fuel, was reused as a raw material for refinery off-gas crackers (ROGCs). “The company said. ..
“This allows us to produce olefins with competitive capital and operating costs. Syngas as a fuel helps ensure supply reliability and reduce fluctuations in energy costs. Syngas It is also used to produce the hydrogen consumed at the Jamnagar refinery. “
RIL stated that the designated date for the scheme would be March 31, 2022, or “other dates determined by the Board of Directors.”
The scheme further states that it requires the approval of stock exchanges, creditors, shareholders, NCLT and other regulatory agencies.
Earlier this week, RIL shares plunged 4.2% on Monday as the country’s largest company stopped selling its petrochemical (O2C) shares to Saudi Aramco and withdrew from potential spin-offs. Of its most profitable unit.