IBP, IOC merger to be over by December
The merger of state-owned oil marketing firm IBP with its parent Indian Oil Corporation (IOC) would be completed by December this year, IOC chairman and managing director Sarthak Behuria said on Thursday.
By PTI |
KOLKATA: The merger of state-owned oil marketing firm IBP with its parent Indian Oil Corporation (IOC) would be completed by December this year, IOC chairman and managing director Sarthak Behuria said on Thursday.
The merger would be effective from April 1, 2004, he told reporters on the sidelines of an extra-ordinary general meeting of IBP here.
He said that post-merger, government holding in IOC would come down from 82.03 per cent to 80.35 per cent, while the capital base of the company would rise from Rs 1,168 crore to Rs 1,192 crore.
The merger resolution was put to vote by the shareholders.
Behuria said that the merger would give operational synergy between the two. Post merger, IBP would continue to function as a division of IOC.
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Asked whether there would be further change in the share swap ratio, he said that it would continue to be at 110:100, which are 110 IOC shares for 100 IBP shares.Earlier, IOC shareholders had cleared the merger proposal with IBP.
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