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The Indian Petrochemicals Corporation Ltd, a Reliance company, has announced a one-time voluntary retirement scheme for its workers.
Applications received for VRS from employees are being processed, IPCL informed the Bombay Stock Exchange on Tuesday.
This is the third company of the Reliance group to offer a VRS during the past one year.
Reliance Petroinvestments Ltd acquired IPCL for Rs 1,491 crore (Rs 14.91 billion) on June 4, 2002.
The Reliance Industries Ltd on Monday offered VRS for the employees of its Patalganga unit, which produces paraxylene, purified terephthalic acid and polyester chips and fibre yarns among others.
Prior to this offer, RIL had offered a VRS for the employees of its Naroda unit, which attracted 4,600 employees with an outgo of about Rs 90 crore (Rs 0.90 billion).