Refex industries board approves green mobility business restructuring

On September 22, 2025, the board of directors of Refex Industries Limited (RIL) approved a composite scheme of amalgamation and arrangement. This scheme aims to restructure and unlock the potential of RIL's green mobility business for all its shareholders.

Under the approved scheme, Refex Green Mobility Limited (RGML), a wholly-owned subsidiary, will merge into RIL. Subsequently, the green mobility business unit will be demerged into a newly incorporated entity, Refex Mobility Limited (RML), which is slated for independent listing on both the BSE and NSE. This will create two focused platforms: RIL will consolidate its core strengths in ash and coal handling, while RML will specialize in sustainable mobility solutions using clean-fueled vehicles.

Anil Jain, chairman and managing director of RIL, stated that this restructuring will sharpen focus, unlock value for shareholders across both entities, and reaffirm the company's commitment to clean, technology-driven urban corporate transport. Upon completion of the scheme, RIL shareholders will receive RML equity shares in the same proportion as their existing RIL shareholding on the record date, creating a mirror shareholding structure. The implementation of the scheme is subject to necessary approvals from shareholders, creditors, stock exchanges, SEBI, NCLT, and other regulatory authorities.