Six months down the line, the Indian markets will witness the merger of IBP Co, an oil marketing company, with the Indian Oil Corporation (IOC). The proposal has already been okayed by the IOC board and delayed for quite some time, had hurdles to cross in the form of objection by some ministers to the proposed swap ratio. The swap ratio of 125 IOC shares for 100 IBP has finally been agreed and the issue of under-recovery from the sale of petroleum products seems to be currently solved. IOC will also be taking over IBP's LPG business to reduce the subsidy burden on the company though the IBP brand will be retained.
IOC is keen to acquire the stake of the West Bengal government in Haldia Petrochemicals. As this fits perfectly into the company's diversification plans, IOC is keen to acquire and run the petrochem project, and not just be portfolio investors.
06-Sep-05 
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