HC approves IPCL amalgamation with RIL

MUMBAI: Indian Petrochemicals Corporation Ltd on Monday said Gujarat High Court has approved the scheme of its amalgamation with Mukesh Ambani-controlled Reliance Industries.

The certified copy of the court's order dated August 16 is yet to be received, the company, engaged in petrochemical business, said in a filing to the Bombay Stock Exchange (BSE).

The order was made available on the website of the Gujarat High Court yesterday, it said.

The Bombay High Court had already approved the scheme.

The company 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 gas-based complex each at Nagothane near Mumbai and Dahej on Narmada estuary in 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 per cent of its equity in IPCL to Reliance Petroinvestments Ltd (RPIL), a Reliance Group company.

RPIL acquired an additional 20 per cent equity shares through a cash offer in terms of SEBI (Takeover Regulations) and currently holds 46 per cent of the company's equity.

Shares of the company closed 0.76 per cent down at Rs 384.10 on the BSE.