Reliance Communication re-jig to see 3 more mergers
Two of the subsidiaries are being merged with RCIL and one is being merged with Reliance Telecom, reports Suman Layak.Updated: May 02, 2007 12:41 IST
The restructuring within the Reliance Communications Ltd’s family of subsidiaries is continuing with the company seeking permission of the high court for three more mergers.
Two of these subsidiaries are being merged with Reliance Communications Infrastructure Ltd (RCIL) and one is being merged with Reliance Telecom Ltd.
The two companies being merged with RCIL are Synergy Enterprises Solutions Pvt Ltd and Reliance Infoinvestments Ltd. Apart from these Reliable Internet Service Ltd is being merged with Reliance Telecom Ltd.
All the companies are subsidiaries of Reliance Communications Ltd. The notes to the quarterly results submitted with the stock exchanges on Monday said that Reliance Communications has sought the permission of the high court for the mergers of Synergy Enterprises Solutions and Reliable Internet Service.
It also said that the company has already got the high court nod for the merger of Reliance Infoinvestments Ltd and the merger will be effective as soon as the order is filed with the Registrar of Companies.
These are in a series of mergers and acquisitions that have been undertaken by Reliance ADA Group in extracting maximum value out of the group. The merger of Reliance Next Generation Technology Pvt Ltd with Reliance Telecom Infrastructure Ltd has been approved on March 23, 2007.
A host of companies became the subsidiaries of Reliance Communications. The main operational subsidiaries of Reliance Communications are Flag Telecom, Reliance Telecom and Reliance Commmunication Infrastructure Ltd along with the newly created Reliance Telecom Infrastructure Ltd which will be the passive infrastructure company for the group.