IPCL to invest Rs 485 crores in expansion, but not merge with RIL

29-Jun-05

IPCL along with the announcement of 45% dividend to IPCL shareholders, has outlined an investment of Rs 485 crore towards expansion projects. IPCL has taken up 7 expansion projects at Vadodara and Gandhar , expected to be complete by mid 2006. The expansion of the Vadodara plant includes a hike in the following capacities: 12,000 tons of ethylene 14,000 tons of benzene 70,000 tons of PVC IPCL has also clearly announced that the company has no plans to merge with RIL. This is considered to have frozen concerns in the minds of IPCL shareholders, who were speculating losses due to the merger as the conversion would result in one RIL share for four IPCL shares.