New Delhi, July 02: With much of its relevance lost as a business entity after the signing of a gas supply deal with Mukesh Ambani led RIL, Anil Ambani group firm RNRL will merge with sister concern Reliance Power. Market worth of the combined entity at today’s price would be Rs 50,000 crore.
The merger, possibly through a share swap deal, would be considered by the boards of the two companies on July 4.
Rumours of the deal pulled down the share prices of both RNRL and Reliance Power at the close of the trading on bourses.
Spokespersons of the group firms remained tightlipped about the rationale and modalities of merger, which would create an entity whose market cap would still be less than half of the initial market value of Reliance Power alone.
–Agencies