Indian Oil expects Cabinet approval for merger with BRPL

20-Jun-07

IndianOil is expecting approval from the Union Cabinet committee for the merger proposal of Bongaigaon Refinery and Petrochemicals Ltd (BRPL) next month. The merger of BRPL with IOC was approved by the board of directors of both the companies in November 2006. The swap ratio was pegged at 4:37 (four equity shares of Rs 10 each of IOC for every 37 shares of Rs 10 each of BRPL). IOC holds 74% stake in BRPL. Located at Bongaigaon in Assam, BRPL now refines an approximate 2.35 million tons of crude. The company has registered a net profit of Rs 239 crore on a gross turnover of Rs 6,426 crore in 2006-07.