REL to carve another subsidiary for infrastructure projects

REL to carve another subsidiary for infrastructure projects
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First Published: Tue, Oct 30 2007. 03 46 PM IST
Updated: Tue, Oct 30 2007. 03 46 PM IST
PTI
Mumbai: Anil Ambani group firm Reliance Energy on 30 October 2007 said it will transfer its infrastructure projects to a separate wholly-owned subsidiary to “unlock shareholder value”.
“The Board of the company has approved a proposal to further unlock overall shareholder value by transferring its infrastructure projects to a separate 100% subsidiary, subject to compliance with applicable laws,” REL informed the Bombay Stock Exchange.
These include roads, bridges, metro rail and real estate projects, it said.
The announcement comes on the heels of REL’s plans to list another subsidiary Reliance Power Ltd on the bourses to raise an estimated Rs2,000 crore. REL has already transferred its power projects to Reliance Power Ltd.
REL share prices rose 3.03%to Rs1,774 in a stock market which lost 1% today. The scrip has more than doubled in the past two months. Promoters, led by chairman Anil Ambani, held 35.89% stake in the company as on 30 September.
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First Published: Tue, Oct 30 2007. 03 46 PM IST