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RNRL-Reliance Power Merger Gets Shareholder Nod
September 6, 2010, Monday, 16:28 GMT | 11:28 EST | 20:58 IST | 23:28 SGT
(RTTNews) - Anil Dhirubhai Ambani-led Reliance Power on Monday said that it has received shareholder approval for a composite scheme of arrangement with Reliance Natural Resources (RNRL), another group company engaged primarily in exploration, production and distribution of gas.
Enhanced reliability and cost efficiency for fuel supplies through RNRL's coal supply logistics and shipping business will significantly enhance Reliance Power's overall growth prospects, the company said. The company will have over 6 million shareholders upon completion of the deal.
RNRL has an existing gas-supply master agreement with Mukesh Ambani-led Reliance Industries.
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