Business

Mukesh Ambani to head IPCL

MUMBAI JUNE 4. Reliance Industries Ltd. today reconstituted the board of Indian Petrochemicals Ltd. with a total of 12 directors, including six RIL nominees, and announced a strategy to restructure debt and increase synergies between the two companies.

Mukesh Ambani has been appointed as the Chairman of the board of IPCL in which Reliance has bought controlling stake from the Government.

The new board has two government nominees and four independent directors.

The company has also re-nominated, S. K. Anand, operations director, as whole-time director.

The other Reliance nominees on board are RIL executive director Nikhil Meswani, RIL president (polymers) K. P. Nanavati, former IPCL chairman and managing director, K. G. Ramachandran and Reliance Capital manging director Anand Jain.

Announcing its future plans for IPCL, Reliance in a statement said apart from restructuring the debt to reduce financial costs, it would optimise sales and distribution infrastructure, enhance production and operational efficiencies, and modernise the IT infrastructure to improve productivity.

Over the medium to long term, Reliance would endeavour to explore possibilities for greater feedstock integration, look for opportunities to increase capacity through low cost bottle-necking and improve employee productivity by providing training and growth opportunities. — PTI

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