Shareholders approve IPCL-RIl merger

New Delhi, Apr 24: The shareholders and the Creditors of Reliance Industries Limited (RIL) today unanimously approved the amalgamation of Indian Petrochemicals Corporation Limited (IPCL) with RIL.

In the Court convened meetings of Shareholders, Secured Creditors and Unsecured Creditors of RIL held on April 21, 2007, 99.90 per cent of the shareholders present in person/proxies, representing 99.99 percent of the total value of the equity shares held by them, voted overwhelmingly in favour of the Scheme of Amalgamation. Only 7 shareholders representing 0.0006 per cent of the total value of shares voted against the Scheme.

All the 100 per cent of the Secured and Unsecured Creditors present in person/proxies voted in favour of the Scheme of Amalgamation.

The Company has filed a petition today seeking approval of the High Court of Judicature at Bombay for sanction of the Scheme of Amalgamation. Earlier, the Shareholders, Secured Creditors and Unsecured Creditors of IPCL had also overwhelmingly approved the scheme at the respective Court convened meetings held on April 14, 2007.

Reliance Industries Limited Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with turnover of Rs 89,124 crore (20 billion dollars), cash profit of Rs 13,174 crore (3 billion dollars), net profit of Rs 9,069 crore (2 billion dollars), net worth of Rs 49,804 crore (11 billion dollars) and total assets of Rs 93,095 crore ( 20.9 billion dollars).

UNI