India’s Reliance Industries absorbs petroleum subsidiary

14 September 2009 17:14  [Source: ICIS news]

NEW DELHI (ICIS news)--Reliance Industries Ltd (RIL) has absorbed Reliance Petroleum Ltd (RPL), saying the business has been “dissolved without winding-up”, according to an RIL disclosure to the stock exchanges on Monday.

The merger became effective on 11 September, RIL said

RPL operated an export-focused refinery and polypropylene (PP) complex at a special economic zone at Jamnagar in Gujarat State, adjoining RIL’s refinery and petrochemicals complex.

Post-merger, RIL would benefit from “greater flexibility in operations planning, process optimisation and enhanced flexibility in product slate”, the company had stated earlier.  

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By: Naresh Minocha
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