Mukesh to rejig personal investment

Mukesh Ambani, chairman of Reliance Industries (RIL), is planning a restructuring of his personal investment by setting up a holding company called Reliance Industries Holding Pvt Ltd. This would be to reduce cross-holdings and streamline his portfolio, said TV reports quoting unnamed sources. Ambani has investment in gas pipeline company Reliance Gas Transportation Infrastru-cture (RGTIL); Jamnagar-based power company Reliance Utilities and Power Ltd (RUPL) and Reliance Ports and Terminal Ltd (RPTL). Click here for Cloud Computing Also Read Related Stories News Now - Power producers oppose any hike in gas prices - RIL's KG-D6 output hits all-time low as it shuts 6 wells - Petronet to cash in on gas demand, fast-track Dahej expansion - Qualcomm gets BWA licence after 2-yr wait - Energy firms to cash in on LNG import needs - Sensex closes at 2-week high According to TV reports, the investment division of RPTL will be hived off as a separate company and then will be merged with the new holding company. A petition with the Gujarat high court has already been filed by RPTL to demerge its investment division, the report added. A similar exercise will take place with RGTIL and RUPL in the near future. RIL spokesperson declined to comment saying these are unlisted and private companies. Apart from this, Mukesh Ambani has several companies, which are owned 100 per cent by him. The channel said the holding company will help synergise investment of all the companies. It would also help the holding company to get tax break on losses, if any, incurred by the private companies.