The Board of Reliance Industries Ltd (RIL) has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary (WOS).<\/p>\n
The Gasification project at Jamnagar was set up to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC).<\/p>\n
\u201cThis enables production of olefins at competitive capital and operating costs. Syngas as a fuel ensures reliability of supply and helps reduce volatility in the energy costs.,\u201d RIL said in a late night statement on Wednesday.<\/p>\n
Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery, it added.<\/p>\n
RIL plans to have a portfolio which is fully re-cyclable, sustainable and net carbon zero.<\/p>\n
\u201cThis will be achieved by transitioning to high value materials and chemicals with renewables as the source of meeting its energy requirements,\u201d it said.<\/p>\n
RIL said its Board has approved a Scheme to transfer the Gasification Undertaking as a going concern on slump sale basis for a lump sum consideration equal to the carrying value as on the Appointed Date.<\/p>\n
\u201cThe Scheme will also enable RIL to evaluate unlocking the value of syngas, with a collaborative and asset-light approach involving (a) Induction of investor(s) in the gasifier subsidiary and (b) Capturing value of upgradation in RIL through partnerships in different chemical streams,\u201d it said.<\/p>\n
The appointed date of the Scheme would be March 31, 2022 or such other date as may be determined by the Board.<\/p>\n
The Scheme will require approval of Stock Exchanges, Creditors, Shareholders, NCLT and other regulatory authorities, it added.<\/p>\n
This enables production of olefins at competitive capital and operating costs, says the company. The Board of Reliance Industries Ltd (RIL) has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary (WOS). The Gasification project at Jamnagar was set up to produce syngas to meet the energy requirements as […]<\/p>\n","protected":false},"author":1,"featured_media":737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/posts\/736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=736"}],"version-history":[{"count":2,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/posts\/736\/revisions"}],"predecessor-version":[{"id":739,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/posts\/736\/revisions\/739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=\/wp\/v2\/media\/737"}],"wp:attachment":[{"href":"https:\/\/hindtv.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hindtv.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}