RIL to be new promoters of RIIL

MUMBAI: Mukesh Ambani-controlled Reliance Industries Ltd will be the new promoters of Reliance Industrial Infrastructure Limited (RIIL).

The board of directors at a meeting held on January 10, have given its consent for acquiring control over RIIL and being recognised as the new promoter of RIIL, in place of Satyapal Jain, who is the existing promoter, for complying with SEBI's takeovers regualtions, RIL informed the Stock Exchanges.

RIL already holds 46.23 per cent of the paid-up equity share capital of RIIL and will not acquire any further stake in it, at this stage. The company will also not make a public announcement or offer, it said.

This change would occur subject to RIIL obtaining its members' approval, for change in control of RIIL in favour of the company, it added.