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Journalism of Courage
In a mega Rs 50,000-crore deal,Anil Ambani group announced merger of RNRL with another group firm Reliance Power,which would now become a direct beneficiary of the gas deal signed with Mukesh Ambani- led Reliance Industries.
As part of the all-stock deal,Reliance Power will give one of its shares for every four held in RNRL.
RNRL shareholders,including the promoters,would get Reliance Power shares worth about Rs 7,150 crore,as per the current market prices. Out of these,promoters would get shares worth over Rs 3,600 crore.
The deal comes within days of RNRL signing a revised gas supply deal with Reliance Industries (RIL) for power projects,which are under the charge of Reliance Power.
