Mumbai, Mar 2 (ANI): The board of directors of Reliance Industries headed by Mukesh Ambani on Monday agreed to merge with its refinery subsidiary, the Reliance Petroleum Ltd. (RPL).
Both the companies, in their respective filings, agreed on one equity share for the RPL shareholders and 16 for the RIL shareholders.
This development has resulted in formation of one of the largest refineries in the world.
The merger, which would take effect from April 1, 2009, would also make the RIL one of the top 50 companies in the world on profitability basis.
The RIL had earlier announced to buy five per cent stake in Chevron Energy after the latter decided to quit the RPL.
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Reliance Industreies board will meet on 2 march 2009 to mull RPL merger
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Reliance Industries will be ready to sell gas from its Krishna Godavari offshore basin from the January-March quarter next year.Commercial production of gas from the D6 block in the KG basin would start from January-March quarter, said Mr Mukesh Ambani, Chairman, RIL, at a news conference on Sunday called to announce the commencement of oil production from the block.
Mr Ambani said the crude, which started flowing on September 17, is now stabilised at 5,000 barrels a day, and would be scaled up to 5.5 lakh barrels of oil equivalent a day over the next four to six quarters. This would account for 40 per cent of domestic output. Gas would account for 90 per cent of production from the D6 block, and crude the rest.
The gas from the D6 block is currently being injected back. By fiscal 2010, oil and gas would contribute 25 per cent of the RIL’s profits, against 2 per cent currently.
Source: Business line dated: 22-09-08
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A Three – Judge Bench, comprising the Chief justice, Mr. K.G. Balakrishnan, Mr. Justice R.V. Raveendran and Mr. Justice J.M. Panchal, stayed the hearing of a Public Interest Litigation (PIL) Petition filed by a Rajkot – Based NGO on RPL’s launch of its multi crore IPO due this 15th of Jan.
The Supreme Court has given permission for Reliance to go ahead with its launch of the Rs 10000 crore mega IPO on 15th of January. Mr. Harish Salve who appeared for RPL mentioned that the PIL petition before the Bench was motivated and filed to cause harassment to Reliance Power, he also stated that the IPO cannot be reversed as it would affect the capital and stock markets and foreign institutional investors would stop investing in India.
Reliance Power has sought a direction to transfer all the pending litigations to the Bombay High Court since the registered office of the company was situated in Mumbai.
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RPL - Go LONG
This stock currently trading at 216.55 is testing the lower trend-line and has bounced up from the 204-205 level.
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