Mukhesh Ambani’s RIL-RPL merger approved
The merger of Reliance Industries Reliance Petroleum Ltd has been approved at share swap of 1:16. This move, operational from April 1, will make RIL to be in the top 20 oil refiners in the world, with a market capitalisation of about USD 47 billion at present price level.
RIL will buy back 5% of the stock Chevron Corp of US held in RPL at Rs 60 per share.
The merger will help RIL displace state-owned Indian Oil as the top refiner in the country with a combined capacity of 62 million tons a year.