RIL, RPL to discuss merger on Monday

MUMBAI: The boards of Reliance Industries and Reliance Petroleum will meet on Monday to consider a merger of the two companies.

In two separate statements to the exchanges, both RIL and RPL said that their boards are scheduled to meet on March 2, to "consider and recommend the amalgamation of Reliance Petroleum and Reliance Industries."

The announcement came after market hours; shares of Reliance Industries had ended the day down 2% at Rs 1,265. Reliance Petroleum was down 1.2% at Rs 76.20.

Reliance Industries is India���s most valuable company with the market cap on Friday totalling Rs 199,250 crore. Reliance Petroleum has an export-oriented refinery at Jamnagar with a capacity of 580,000 barrels per day. The Jamnagar refinery was commissioned last month. RPL���s market cap stood at Rs 34,358 crore on Friday.