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Reliance bags IPCL

New Delhi May 18. The Government today approved the sale of its 26 per cent stake in Indian Petrochemicals Corporation (IPCL) to the country's largest petrochemical company, Reliance Industries, for Rs.1,440 crores.

Reliance outshone the State-run refiner, Indian Oil Corporation (IOC) and detergent maker, Nirma, to win India's second largest petrochemical company for a price of about Rs. 231 per share, sources said.

The Government, which has 59.95 per cent equity in IPCL, has decided to offload 51 per cent stake in two phases. It would transfer management control to Reliance for 26 per cent stake initially and the new partner would have the right of refusal over the remaining 25 per cent equity.

— PTI

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