Rs485-crore investment plan for IPCL

Vadodara: Ruling out the merger of Indian Petrochemicals Corporation Ltd (IPCL) and Reliance Industries Ltd (RIL), RIL chairman Mukesh Ambani on Monday announced a 45 per cent dividend for IPCL shareholders, while outlining an investment of Rs485 crore for the company.

Ambani also announced a number of new expansion projects for IPCL, including increasing the Vadodara plant''s cracker capacity by 12-thousand tonnes of ethylene annually, expanding benzene capacity by 14,000 tonnes, expanding the PVC plant capacity from 245,000 tonnes to 315,000 tonnes, among others.

"IPCL has taken up seven expansion projects at Vadodara and Gandhar. These projects involve an investment of Rs485 crore and are expected to be completed by middle of next financial year," Mukesh said here, at AGM of IPCL. He also stated categorically, "There is no proposal to merge IPCL and RIL," Mukesh said. "The merger is not on the agenda of the board."