Reliance Industries has allotted over 6.01 crore shares to the shareholders of erstwhile Indian Petrochemicals Corporation Ltd (IPCL). The allotment was made in accordance with the scheme of amalgamation of IPCL with the company in the ratio of one equity share of RIL for every five shares of IPCL. The amalgamation came into effect on September 5, after the Gujarat High Court approved the amalgamation on September 3.
IPCL dealt in polymers, synthetic fibre, fibre intermediaries, solvents, surfactants, industrial chemicals, catalysts, adsorbents and polyesters.
It operated three petrochemical complexes, a naphtha- based complex at Vadodara and one gas-based complex each at Nagothane near Mumbai and Dahej on Narmada estuary at the Bay of Khambhat. The company also operated a catalyst manufacturing facility at Vadodara.