Assam-based BRPL merger with parent company IndianOil on the cards

08-Dec-08
Assam-based Bongaigaon Refinery & Petrochemicals Ltd (BRPL) is likely to be merged with parent company IndianOil. The Department of Company Affairs has concluded all the proceedings in this regard and the approval is expected in December-January. As per the original proposal forwarded by the boards of both the companies in November 2006, DCA has maintained the swap ratio at 4 equity shares of Rs 10 each of IOC for every 37 shares of Rs 10 each of BRPL. IOC holds 74% stake in BRPL. The merger will open up possibilities of reducing the cost structure by integrating operations and capacity optimisation, as well as leave a net positive impact of approximately Rs 80 crore on the merged entity by way of avoiding double taxation on product transfer.
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