Reliance Industries has approved the demerger of power, financial and telecommunication services, the three entities that went to Anil Ambani as part of the settlement he reached with elder brother Mukesh.
"RIL has proposed in principle to demerge the power, financial services and telecommunication services business from the company by transferring the company's holdings and interests in these businesses into separate corporate entities," Reliance on Wednesday informed the Bombay Stock Exchange.
Soon after Reliance matriarch Kokilaben announced the settlement, RIL Board authorised the Corporate Governance and Stakeholders Interface Committee, headed by Y P Trivedi, to examine in-depth all the relevant issues including statutory and legal requirements and suggest a suitable scheme of re-organisation.
The board had in its June 18 meeting appointed CRISIL, Deloitte Haskins and Sells, J M Morgan Stanley and Amarchand and Mangaldas and Suresh A Shroff and Co to assist the RIL in working out the details of the demerger scheme.
RIL's communique to the BSE said it would inform the details of the scheme when finally approved by the board of directors.
The decision to demerge listed group companies Reliance Infocomm and Reliance Energy was part of the settlement to end the seven-month long battle between the Ambani brothers over the ownership issue of Reliance empire.
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