RIL was the top bull on Sensex and Nifty 50 which further pushed the two benchmarks on the upside.
At around 11.16 am, RIL was trading at an intraday high of Rs2441 per piece up by Rs90.10 or 3.8% on Sensex.
At the current market price, the company's market valuation was over Rs15.47 lakh cr.
On Wednesday, RIL announced its decision to implement a Scheme of Arrangement (Scheme) to transfer Gasification Undertaking into a Wholly-Owned Subsidiary (WOS). The Gasification project at Jamnagar was set up with the objective to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC).
Notably, this enables the production of olefins at competitive capital and operating costs. Syngas as a fuel ensures the reliability of supply and helps reduce volatility in energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery.
The Mukesh Ambani-led company targets to have a portfolio that is fully recyclable, sustainable and net carbon zero. This will be achieved by transitioning to high-value materials and chemicals with renewables as the source of meeting its energy requirements.
RIL said, "India is a high growth market and is expected to continue to see a deficit of these high-value chemicals in the foreseeable future. Repurposing the Gasification assets will help us syngas as a reliable source of feedstock to produce these chemicals and cater to growing domestic demand, resulting in an attractive business opportunity."