RIL takes up demerger today

A day after Anil Dhirubhai Ambani Enterprises Chairman Anil Ambani announced the demerger of the Reliance group, Reliance Industries today informed stock exchanges that its board will meet tomorrow to consider the proposed demerger of the power, financial services and telecommunications businesses from the company.

Sources close to the development said tomorrow's meeting would be a logical follow up of Reliance Industries Chairman and Managing Director Mukesh Ambani's announcements at the company's annual general meeting (AGM) yesterday.

At the AGM, Mukesh Ambani had said the board had, in principle, approved the demerger, but refrained from giving details as the move was not formally cleared by the board. Industry sources said Anil Ambani would not have announced the scheme had he not got the informal nod of the board.