Reliance Industries (RIL) is seeking shareholder approval to alter its memorandum of association (MoA) to include two new sub-clauses pertaining to engineering, procurement and construction (EPC) services.
The development comes following the approval by the RIL board in October to restructure the EPC business, which is part of Reliance Projects and Property Management Services, a wholly-owned subsidiary of the company. The board had given its nod on October 21 for the EPC and infrastructure undertaking of Reliance Projects and Property Management Services to be merged into RIL. The deal was a related-party transaction and was being done at arm’s length, the company had said.
