Corporate
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Mergers & Acquisitions
IOC board seeks Govt nod for merger of Bongaigaon Refinery
Our Bureau
New Delhi
,
June 30
INDIAN Oil Corporation Ltd (IOC) on Thursday said that its board of directors has recommended that the Government approve the merger of its subsidiary company Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with itself .
After deliberations, the board recommended the proposal to the Government for approval in line with the guidelines of the Department of Public Enterprises, wherein prior approval of the Government is essential before undertaking any further steps in the matter, the company informed Bombay Stock Exchange.
IOC, which holds 74.46 per cent stake in BRPL, will offer its equity shares to BRPL shareholders in a proportion to be decided by advisors of the merger. The merger decision has to be ratified by the board of BRPL after which IOC would initiate the process of appointment of financial and legal advisors.
BRPL owns a 2.35 million tonnes per annum refinery in Assam and petrochemical units.
The board has also cleared an investment of Rs 806 crore for expanding its Panipat refinery to 15 million tonnes.
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