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Industry: Email Alert RSS FeedReliance to merge oil and petchem units. (Asia/Pacific).(Reliance Industries to merge with Reliance Petroleum)(Brief Article)
Chemical Week, March, 2002 by Young, Ian
Reliance Industries plans to merge with Reliance Petroleum to create a $12-billion/year integrated petrochemicals and energy company. The merged entity will be India's biggest private-sector company in sales terms.
Shareholders in Reliance Petroleum will receive one share in Reliance Industries for every 11 Reliance Petroleum shares they hold. The Reliance companies' founding Ambani family says it will hold 34% of the merged entity.
Reliance Industries is India's biggest chemicals producer and also has interests in oil and gas exploration, power, and telecommunications. Reliance Petroleum is India's biggest private-sector refiner.
Analysts say that the merger will make it easier for Reliance to raise cash for acquisitions. Reliance is...
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