Reliance board proposes demerger of business

The board of Reliance Industries at its meeting held yesterday has proposed to demerge its power, financial services and telecom services interest by transfering the company's holdings into separate corporate entities.

According to a release issued by Reliance to the BSE, the board has hired the services of Crisil, Deloitte Haskins & Sells, JM Morgan Stanley and Amarchand and Mangaldas and Suresh A Shroff & Co to work out the details of the scheme of arrangement.