Reliance and IPCL to Merge

Reliance Industries and Indian Petrochemicals Corp. (IPCL; Vadodara) say they have agreed to merge on April 1. The Reliance Group already holds a 47.3% controlling share in IPCL; the rest is traded on the Bombay Stock Exchange and on the National Stock Exchange (Bombay). Reliance acquired a 26% stake in IPCL in 2002, as part of a government divestment program, and later bought a further 20% on the open market. Its share in IPCL rose to the current 47.3% during the current fiscal year, when Reliance merged six polyester producing companies into one and transferred...

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