Reliance Industries stated that it has received necessary approval from the National Company Law Tribunal for its plans to repurpose and restructure its gasification assets. The company received approval from both NCLT Mumbai bench and Ahmedabad bench for the scheme.
Both NCLT Mumbai and Ahmedabad benches approved the scheme on March 30,2022. Appointed date of the scheme is March 31.
Reliance added in its filing that the certified copy of both the orders of NCLT Mumbai bench and Ahmedabad bench have been filed with the Registrar of Companies on April 4. Majority of the company’s shareholders, creditors and unsecured creditors approved the arrangement.
Reliance Industries plans to produce blue hydrogen at a ‘competitive cost’ as it plans to repurpose its $4-billion gasification assets. The company has plans to reduce dependency on its oil-to-chemicals business and focus on clean energy projects.
“Gasification Undertaking is proposed to be transferred, as a going concern on Slump Sale basis, by way of a Scheme of Arrangement,” the company said.
The conglomerate plans to use syngas, produced by its gasifiers to make blue hydrogen for its Jamnagar complex in Gujarat. Hydrogen produced from natural gas and which eliminates emissions by capturing and storing the emitted carbon is called blue hydrogen. Green Hydrogen is extracted from water using electrolysis powered by renewable energy.
RIL expects to be the first mover to establish a hydrogen ecosystem as the hydrogen economy expands. The company operates the world’s biggest refining complex at Jamnagar.
