Reliance now in charge of IPCL

Reliance took over the management control of IPCL after paying a cheque for Rs 1490.84 crore to the government for the 26 per cent stake. Re...

Reliance took over the management control of IPCL after paying a cheque for Rs 1490.84 crore to the government for the 26 per cent stake. Reliance Industries Limited executive director Nikhil Meswani handed over the cheque to Ashok Chawla, joint secretary in the petrochemicals ministry after signing of the agreement between the government and the corporate house for share transaction. Mukesh Ambani has been appointed as the new chairman.

Besides Ambani, former IPCL chairman and managing director K. G. Ramanathan has also joined the board along with RIL executive director, Nikhil Meswani, president (polymers), K.P. Nanavati, Reliance Capital managing director Anand Jain and present IPCL operations director S.K. Anand.

The reconstituted board of the petrochemical company would have 12 directors including, six Reliance nominees, two from the government and four independent directors.

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Commenting on the transaction, Anil Ambani, managing director of Reliance Industries Ltd., said: “Reliance is pleased to have acquired IPCL through an open, transparent and fair process of global competitive bidding. Reliance is also happy to have had this opportunity to play a significant role in the process of PSU disinvestment. We welcome each of IPCL’s employees and workers to the Reliance family, and look forward to working with them for mutual benefit.”

Reliance bagged IPCL last month after it quoted Rs 231 per share as against the second highest bidder Indian Oil’s Rs 128 per share. Reliance had bid 76 per cent higher than the reserve price of Rs 131 per share fixed by the disinvestment advisor Warburg. As per the share purchase agreement, RIL would not be able to retrench any employee of the IPCL for a minimum period of one year and would have to take prior government approval in case of sale of any of the corporation’s assets.

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