Reliance Industries, the owner of the world’s largest petroleum refinery, is slowly entering the new energy business. The company is also building a Giga Factory in Gujarat. For this, Mukesh Ambani’s group has formed a separate subsidiary company named Reliance New Energy Limited (RNEL). Now the company has given a big update to the stock market regarding this.

Last year, during the AGM of Reliance Group, Mukesh Ambani had announced his succession plan. In this, it was said to give Reliance Retail to Isha Ambani, Reliance Jio to Akash Ambani and New Energy Business of Reliance to Anant Ambani. While on May 6, 2022, the board of Reliance Industries approved the merger of RNEL with Reliance Industries.

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canceled merger plan

The process of merger of RNEL with Reliance Industries is still pending in the National Company Law Tribunal for approval. Meanwhile, in the meeting of the company’s board held on 21 April 2023, it was decided not to merge it with Reliance Industries.

According to the statement of Reliance Industries, the company has withdrawn the scheme of merger of RNEL and RIL. In this way, RNEL will still remain a wholly owned subsidiary of Reliance Industries as before.

Giga factory being built in Jamnagar

Reliance Group’s refinery is in Jamnagar, Gujarat. The company is setting up its ‘New Energy Giga’ factories in this city. The company has invested heavily in this business. The way Reliance is investing in this sector, it can prove to be a game changer in the country’s renewable energy plan in the coming days.

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Reliance’s profit increased a lot

Reliance Industries has recently released the results of the fourth quarter of the financial year 2022-23. Accordingly, the company has earned a consolidated profit of Rs 19,299 crore in January-March. The company’s Jio and retail business have registered tremendous revenue growth. Let us tell that Anant Ambani has to get the responsibility of the new energy business of Reliance Industries.