Indian Petrochemicals Corporation Limited

Indian Petrochemicals Corporation Limited (IPCL) was a petrochemicals company in India. At the time of its divestment to Reliance Industries Limited, its turnover for the financial year 2005-06 had crossed the US $2 billion mark.

History

IPCL was established on 22 March 1969, as a Government of India undertaking, with the objective of promoting the development of the petrochemical industry in India. The Company began construction of its first petrochemicals complex at Vadodara in 1970. Commercial production at the complex commenced in 1973. The Company’s second petrochemicals complex in Nagothana was commissioned in 1992 and its third complex at Gandhar was commissioned in 1996. In August 1992, the Company’s shares were listed on all the major stock exchanges in India including Bombay Stock Exchange and National Stock Exchange of India.[1]

Consolidation

On 1 April 2005, the six polyester companies namely Appollo Fibres Limited (AFL), Central India Polyesters Limited (CIPL), India Polyfibres Limited (IPL), Orissa Polyfibres Limited (OPL), Recron Synthetics Limited (RSL) and Silvassa Industries Private Limited (SIPL) have been amalgamated with IPCL. This marks the entry of the Company in the polyester sector. The polyester units are based in Hoshiarpur (Punjab), Nagpur (Maharashtra), Barabanki (Uttar Pradesh), Baulpur (Orissa), Allahabad (Uttar Pradesh) and Silvassa (Dadra and Nagar Haveli).

Disinvestment

In June 2002, the Government of India as a part of its disinvestment programme divested 26% of its equity shares in favour of Reliance Petroinvestments Limited (RPIL), a Reliance Group Company. RPIL acquired an additional 20% equity shares through a cash offer in terms of SEBI (Takeover Regulations) and held 46% of Company's equity shares. IPCL merged with Reliance Industries Ltd. in 2007.[2]

gollark: Bob. There, named it.
gollark: Make a script to autogenerate the platform makefiles!
gollark: Well, the solution is obvious.
gollark: I see. Explain || bees.
gollark: Communism would either be a HIGHLY uncool centrally planned economy or just having everyone magically get along, which does not really work.

References
  1. "Preliminary Information Memorandum (PIM) for Bidders - INDIAN PETROCHEMICALS CORP.LTD. | Department of Investment and Public Asset Management | Ministry of Finance | Government of India". dipam.gov.in. Retrieved 28 February 2020.
  2. "IPCL to merge with Reliance Industries". The Indian Express. 8 March 2007. Retrieved 7 July 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.