Reliance Industries proposes to merge
group company Indian Petrochemical Corporation (IPCL) with itself.
Both the companies will meet on 10
March 2007 to consider the proposal to amalgamate IPCL with Reliance and the
merger ratio will be announced after the board meeting.
It is learnt that Mukesh Ambani
recently hiked his stake in RIL by five per cent through a preferential issue of
warrants. RIL holds 46 per cent equity in IPCL through its investment company,
Reliance Petro Investments. Institutional investors hold 30 per cent and the
rest is with the public.