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September 06, 2007 10:45 IST
Reliance Industries [Get Quote] said on Thursday the amalgamation of Indian Petrochemicals Corporation Ltd [Get Quote] with itself has come into effect from September 5.
The certified copies of the orders of the Gujarat and Bombay high court, sanctioning the scheme of amalgamation of IPCL with Reliance Industries, were filed with the respective registrar of companies on Wednesday.
"With this, the scheme has become effective from September 5, and accordingly IPCL has been amalgamated with Reliance Industries," RIL said in a filing to the Bombay Stock Exchange.
Earlier on September 3, the Gujarat High Court approved the scheme of amalgamation of IPCL with Mukesh Ambani-controlled Reliance Industries.
IPCL deals in polymers, synthetic fibre, fibre intermediaries, solvents, surfactants, industrial chemicals, catalysts, adsorbents and polyesters.
It operates three petrochemical complexes, a naphtha-based complex at Vadodara and one gas-based complex each at Nagothane near Mumbai and Dahej on Narmada estuary at the Bay of Khambhat.
IPCL also operates a catalyst manufacturing facility at Vadodara.
In June 2002, the government as part of its disinvestment programme sold 26 per cent of its equity in IPCL to Reliance Petroinvestments Ltd, a Reliance Group company.
RPIL acquired an additional 20 per cent equity shares through a cash offer in terms of Sebi (Takeover Regulations) and currently holds 46 per cent of the company's equity.
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