Monday, Mar 04, 2002
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MUMBAI, MARCH 3. The boards of the Reliance Industries Ltd. and Reliance Petroleum Ltd. have unanimously approved the merger of RPL with RIL, subject to necessary approvals. The boards, which met today, also recommended an exchange ratio of 1:11 (one share of RIL for every 11 shares of RPL). The merger, which would be effective from April 1 2001, is the biggest in the private sector with a combined sales of Rs. 60,000 crores. - PTI
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