Reliance to restructure, repurpose gasification assets.
- ByStartupStory | November 25, 2021
Reliance Industries, on Wednesday, asserted that the company will restructure and repurpose gasification assets to implement a Scheme of Arrangement to convert Gasification undertaking to a wholly-owned Subsidiary. The Mukesh Ambani owned company said in a statement, ”The Scheme will enable RIL to evaluate unlocking the value of syngas, with a collaborative and asset-light approach involving, Introduction to investors in the gasifier subsidiary and Capturing value of upgradation in RIL through partnerships in different chemical streams.”
The Board has informed in exchange filling and waiting for the approval of Stock Exchangers, Creditors, Shareholders, NCLT and the regulatory authorities. The appointed date of the Scheme is March 31, 2022.
With the growing pressure on companies with regards to climate change, RIL is targeting net-zero carbon, sustainable and fully-recyclable portfolio. Hence they are transitioning to high value materials and chemicals with renewables as the source of energy consumption.
RIL in its exchange filing stated, “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). This enables production of olefins at competitive capital and operating costs.”
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