Reliance emerges winner in IPCL bid race

Mumbai: Commenting on Reliances successful bid to acquire IPCL, Reliance Industries Ltd (RIL) managing director Anil D Ambani said: "We are delighted to have emerged as the highest bidder for acquiring IPCL, through a fair and transparent process of global competitive bidding."

The completion of the IPCL disinvestment by the Indian government will mark a new milestone in the governments PSU disinvestment programme, and will carry forward the process of economic reforms in the country, he said. "We are happy that Reliance has had the opportunity to play a role, and to contribute substantial value, in this process."

IPCL is a pioneer from the public sector in the Indian petrochemicals industry, he said. "Reliances acquisition of IPCL will add value for both companies, and lead to significant benefits of scale, enhanced market leadership, integration, operational synergies, cost reduction and productivity gains."

IPCL will also benefit from Reliance's proven vision and management strengths, demonstrated track record of consistent operational and financial performance, and strong financial position, he said. "We take this opportunity to welcome IPCLs shareholders and employees to the Reliance family, and look forward to working closely with each of them in the endeavour to achieve future growth, and to maximise value for Reliance and IPCL."