Shareholders of Anil Dhirubhai Ambani Group firms?Reliance Natural Resources and Reliance Power?approved the merger between the two companies.
As much as 97.27% of RNRL shareholders present cast votes in favour of merger with Reliance Power, while 99.99% of R-Power shareholders present were in favour of RNRL merger in an extraordinary general meeting attended by the boards of the two companies recently.
?RNRL shareholders representing approximately 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 said in a statement.
The merger with RNRL will benefit company?s shareholders substantially and is likely to speed up setting up of its 8,000 mw power plant, the statement said.
?Gas supply under RNRL?s Gas Supply Master Agreements with Reliance Industries facilitating accelerated implementation of Reliance Power?s plans for setting up over 8,000 mw of gas power generation capacity,? the statement said. The merger will also help company?s prospects for gas from RNRL?s coal bed blocks.
