RIL gains 4% as Jamnagar gasification unit to become wholly-owned subsidiary

NEW DELHI: Shares of Reliance Industries gained over 4 per cent in Thursday’s session as the company’s board decided to implement a ‘Scheme of Arrangement’ to transfer its ‘Gasification’ undertaking into a wholly-owned subsidiary.

The counter rose to a high of Rs 2446.50 versus Rs 2350.90 at previous close on the BSE.

“The Gasification project at Jamnagar was set up with the objective 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).