Equity shareholders of Reliance Power Limited and Reliance Natural Resources Limited (RNRL), both part of the Anil Dhirubhai Ambani Group (ADAG), have approved the merger scheme between the two companies with overwhelming majority.
A press release from the companies said here today that the approval was given at meetings of the shareholders convened on September 4 as per the order of the Bombay High Court.
The release said Reliance Power and its shareholders would derive substantial benefits from the scheme as follows:
--Gas supply under RNRL’s Gas Supply Master Agreements with Reliance Industries Limited (RIL) facilitating accelerated implementation of Reliance Power’s plans for setting up over 8,000 MW of gas based power generation capacity.
--Prospects for gas from RNRL’s Coal Bed Methane (CBM) blocks, comprising of 45% interest in 4 CBM blocks with an acreage of 3,251 sq. kms. and estimated resources of about 193 billion cubic metres; and a 10% share in an oil and gas block in Mizoram, with an acreage of 3,619 sq. kms. and reserve potential of upto 28 billion cubic metres.
--Enhanced reliability and cost efficiency for fuel supplies through RNRL’s coal supply logistics and shipping business.
--Significant further enhancement of Reliance Power’s overall growth prospects.
According to the release, RNRL’s shareholders will benefit from the scheme, by participating in future growth prospects of Reliance Power’s diversified generation portfolio of over 35,000 MW, and its substantial coal reserves in India and abroad.
RNRL shareholders representing approx. 80% of its capital are also shareholders of Reliance Power, and over 80% of them received their shares free on demerger from RIL.
Reliance Power will have over 6 million shareholders, the world’s largest shareholding family, upon completion of the deal, the release said.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.
Alabama. Florida, Illinois, Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, Virginia and West Virginia