RIL-IPCL merger petition hearingon June 19

MUMBAI: Indian Petrochemicals Corporation Ltd (IPCL) on Wednesday said Ahemdabad High Court would hear the petition for its merger with Reliance Industries on June 19.

IPCL informed the Bombay Stock Exchange the petition for sanctioning the scheme of its amalgamation with RIL had been admitted by the Gujarat High Court on April 23 and the hearing has been fixed for June 19.

Besides, the Bombay High Court would hear the petition filed by Mukesh Ambani-led Reliance Industries seeking the court's nod for the merger of IPCL with itself on June 8.

The shareholders and creditors of Reliance Industries, on April 21, approved the merger of IPCL with itself.

RIL and its associate companies hold 47.3 per cent of IPCL's equity share capital. RIL acquired equity shares of IPCL in June 2002 when the then government divested its stake.

RIL has said the merged entity would create greater value for shareholders than could be delivered as separate companies.