Shareholders, creditors approve Reliance Petroleum merger with Reliance Industries
07 Apr 2009
Shareholders and creditors of Reliance Industries Limited (RIL) approved the scheme of amalgamation of Reliance Petroleum Limited (RPL) with RIL in a court-convened meeting of equity shareholders, secured creditors and unsecured creditors of RIL held on 4 April.
The merger, India's largest ever in terms of market value and scale of operation, creates the country's largest industrial unit and one of the top 10 private sector refining companies worldwide.
In a release issued on Monday, RIL said 98.86 per cent of the shareholders present in person/proxies, representing 99.9998 per cent of the total value of the equity shares held by them, voted in favour of the scheme of amalgamation.
Shareholders representing 0.0002 per cent of the total value of shares voted against the scheme.
All of the (100 per cent) secured and unsecured creditors present in person/proxies voted in favour of the scheme of amalgamation, the release said.
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of Rs1,39,269 crore ($34.7 billion), cash profit of Rs25,205 crore ($ 6.3 billion), net profit (excluding exceptional income) of Rs15,261 crore ($3.8 billion) and net worth of Rs81,449 crore ($20.3 billion) as of 31 March 2008.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 103rd amongst the world's top 200 companies in terms of profits. RIL is amongst the 30 fastest climbers ranked by Fortune. RIL features in the Forbes Global list of the world's 400 best big companies and in the FT Global 500 list of the world's largest companies.
A ranking, published by US financial publication Business Week in collaboration with the Boston Consulting Group, has listed RIL amongst the 'Worlds 25 Most Innovative Companies'.