Reliance becomes a trillion rupee company
India's biggest private sector company just got bigger by merging with IPCL.
On March 11, Reliance Industries determined the swap ratio for its merger with Indian Petrochemicals Corporation IPCL, thereby creating a company with combined sales of a trillion rupee $23 billion. IPCL shareholders will get one Reliance share for every five IPCL shares they hold.
Reliance chairman Mukesh Ambani says The merger is earnings accretive for Reliance shareholders, while providing IPCL shareholders with an opportunity to participate in Reliance's diversified business portfolio.
For the last complete fiscal year ended...
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