Mumbai, July 3 (IANS) The boards of two energy firms belonging to the Reliance Anil Dhirubhai Ambani Group (ADAG), one in the business of generating power and the other that trades and transports oil and gas, meet Sunday to consider a merger.
The companies in question are Reliance Natural Resources which is proposed to be merged with Reliance Power, the companies said in identical regulatory filings with the stock exchanges over the weekend.
The two companies had a market capitalisation of Rs.10,394 crore and Rs.41,979 crore respectively at closing bell Friday. The statement issued by the two companies did not specify the reason behind the proposed merger.
Reliance Power on its own and through subsidiaries has a portfolio of almost 35,000 MW of power generation capacity, both operational as well as under development, including three ultra-mega projects.
Reliance Natural Resources is engaged in sourcing and transportation of gas, coal and liquid fuels. It is the second largest player in the coal bed methane business in the country in terms of acreage and has significant oil and gas blocks in Mizoram.