Corporate News     11-May-24
Reliance Infrastructure hikes stake in Utility Powertech
Reliance Infrastructure announced that its wholly owned subsidiary, Reliance Velocity is acquiring 12.08 lakh shares constituting 30.2% shareholding in Utility Powertech (UPL) for a consideration of Rs 66.44 crore. The transaction is expected to complete on or before 30 May 2024. With this acquisition, the target company will become an associate company with a total holding of 50%.

UPL offers wide range of manpower services for construction and O&M activities in power & related sectors.

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