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Tuesday, Apr 16, 2002

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RPL shareholders okay merger with Reliance

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THE shareholders of Reliance Petroleum Ltd (RPL) on Monday approved the merger of the company with Reliance Industries Ltd (RIL).

The shareholders' meeting at Jamnagar, which was convened under the orders of the Gujarat High Court, was attended by the top brass of RIL including the Chairman, Mr Dhirubhai Ambani, the Vice-Chairman, Mr Mukesh Ambani, and the Managing Director, Mr Anil Ambani.

"The merger resolution was passed with an overwhelming majority, representing 99.99 per cent in value of members present and voting. It was supported by all categories of shareholders, including international and domestic institutional investors and retail investors'', a media release from the company said.

It may be recalled that the shareholders of RIL had approved the merger on April 8 in Mumbai, with a majority representing 99.95 per cent in value of members present and voting. With the passing of this resolution, the merger of RPL with RIL now stands approved by shareholders of both the companies.

As per annualised figures, based on the results of RIL and RPL for the first nine months of 2001-02, the sales of the combined entity would stand at Rs 58,000 crore, the company release said. By the same parameters, net profit could be around Rs 4,000 crore which would represent almost 30 per cent of the aggregate profits all the private sector companies in the country. The net worth would be to the tune of Rs 28,000 crore and the total assets would stand at Rs 55,000 crore.

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