US refining major Chevron has decided to exit RPL. RIL will purchase the 5% stake that Chevron held in RPL, constituting 225 million shares. The stake was held by Chevron India Holdings Pte Ltd, Singapore, a wholly-owned subsidiary of Chevron. It had acquired the stake in April 2006 at Rs 60 a share. RIL will purchase the shares at the same price, in sync with an agreement reached between them. This will raise RIL’s stake in RPL to 75.38%.
Chevron’s continuance in RPL made little sense after RIL’s decision to merge RPL with itself. Chevron invested in RPL primarily because of refining.According to the equity investment agreement, RPL and Chevron were to enter into crude supply and product off-take agreements. Chevron was also expected to up its stake in RPL to 29% by July this year. As on December 2008, promoters hold 49% stake in RIL and 70.38% in RPL.
02-Mar-09 
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