Mumbai: The High Court of Gujarat at Ahmedabad has approved the scheme of amalgamation of the six polyester companies, Apollo Fibres Limited, Central India Polyesters Limited, India Polyfibres Limited, Orissa Polyfibres Limited, Recron Synthetics Limited and Silvasa Industries Limited with Indian Petrochemicals Corporation Limited (IPCL).
The court order was been filed with the Registrar of Companies today, making the scheme effective from this date.
In accordance with the scheme of amalgamation sanctioned by the court, shareholders of all the six companies will be allotted fully paid shares of IPCL of Rs10 each in the ratios as mentioned in the scheme.
The company has fixed October 12, 2006, as the record date for the purpose of determining the shareholders of all the six companies, who will be entitled to review shares of IPCL in terms of the scheme.
IPCL a petrochemical major and part of the Reliance Industries Limited group, produced close to two-million tonnes of merchant products. IPCL''s unaudited net turnover for the year ended 2005-06 was Rs9,597 crore ($21,151 million) and net profit of Rs1,005 crore ($225 million).
With its three plants located at Vadodara, Nagothane and Dahej IPCL''s major business comprises of polymers, synthetic fibre, fibre intermediates, surfactants, commodity chemicals and catalysts.