RIL-IPCL merger becomes effective1 min read . Updated: 06 Sep 2007, 11:28 AM IST
RIL-IPCL merger becomes effective
Mumbai: Reliance Industries today said the amalgamation of Indian Petrochemicals Corporation Ltd (IPCL) with itself has come into effect from 5 September.
The certified copies of the orders of the Gujarat and Bombay High Court, sanctioning the scheme of amalgamation of IPCL with Reliance Industries, were filed with the respective registrar of companies on 5 September.
“With this, the scheme has become effective from 5 September, and accordingly IPCL has been amalgamated with Reliance Industries," RIL said in a filing to the Bombay Stock Exchange (BSE).
Earlier on 3 September, the Gujarat High Court approved the scheme of amalgamation of IPCL with Mukesh Ambani- controlled Reliance Industries.
IPCL deals in polymers, synthetic fibre, fibre intermediaries, solvents, surfactants, industrial chemicals, catalysts, adsorbents and polyesters.
It operates three petrochemical complexes, a naphtha- based complex at Vadodara and one gas-based complex each at Nagothane near Mumbai and Dahej on Narmada estuary at the Bay of Khambhat.
IPCL also operates a catalyst manufacturing facility at Vadodara.
In June 2002, the government as part of its disinvestment programme sold 26% of its equity in IPCL to Reliance Petroinvestments Ltd (RPIL), a Reliance Group company.
RPIL acquired an additional 20% equity shares through a cash offer in terms of SEBI and currently holds 46% of the company’s equity.
Shares of RIL were trading at Rs1,952, down 0.28%, while the scrip of IPCL was at Rs385.70, down 0.67% on BSE in early morning trade.