MUMBAI (Reuters) - Billionaire Anil Ambani's Reliance Power and sister firm Reliance Natural Resources have decided to merge, a Reliance Power spokesman told Reuters on Sunday.
Both companies, controlled by Ambani, had said late on Friday their boards would meet on Sunday to consider a merger.
Shares in Reliance Power, valued at $8.75 billion, closed up 3.3 percent, while Reliance Natural shares, with a market capitalisation of $2.3 billion, ended down 1.9 percent on Friday amid market talk about a deal.
Reliance Natural lost a May ruling by India's highest court in a long-running gas supply dispute with Reliance Industries (RELIANCE.NS : 1068.95 -7.3
), which is controlled by Anil's elder brother, Mukesh Ambani, the world's fourth-richest man.
(Reporting by Pratish Narayanan & Aniruddha Basu, editing by Will Waterman)
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