Mumbai: Reliance Industries Ltd said its board will consider amalgamation of Indian Petrochemicals Corporation Ltd with itself at its board meeting scheduled for Saturday, 10 March.
Reliance Petroinvestments Limited (RPIL), a Reliance Group company acquired a 26-per cent stake in June 2002, as part of the central government's dis-investment programme. It thereafter acquired an additional 20-per cent equity through a cash offer taking its current holding to 46 per cent.
RIL chairman Mukesh D Ambani heads the board of IPCL that comprises five independent and five non-independent directors.
In 2005, six polyester companies - Appollo Fibres Limited (AFL), Central India Polyesters Limited (CIPL), India Polyfibres Limited (IPL), Orissa Polyfibres Limited (OPL), Recron Synthetics Limited (RSL) and Silvassa Industries Private Limited (SIPL) were merged with IPCL.
IPCL operates three petrochemical complexes, a naphtha-based complex at Vadodara and gas-based complex each at Nagothane near Mumbai and at Dahej.