RIL gains 3% on plans to hive-off gasification assets into separate unit

RIL said the Scheme will also enable the company to evaluate unlocking the value of syngas, with a collaborative and asset-light approach involving induction of investor(s) in the gasifier subsidiary

Shares of Reliance Industries (RIL) were up 3.4 per cent at Rs 2,431.80 on the BSE in Thursday’s intra-day trade after the company’s board decided to implement a scheme of arrangement to transfer gasification undertaking into a wholly-owned subsidiary (WOS). RIL made the announcements on Wednesday after market hours.

The board has approved a scheme as a going concern on slump sale basis for a lump sum consideration equal to the carrying value as on the appointed date i.e. March 31, 2022.

RIL said the Scheme will also enable the company to evaluate unlocking the value of syngas,