IPCL plans to merge with Reliance polyester subsidiaries
24 Apr '06
1 min read
In a bid to save excise duty and other taxes on the transfer of intermediates from its petrochemical base and to reduce marketing expenses, Indian Petrochemicals Limited (IPCL -a subsidiary of Reliance Industries Limited) plans to merge with six polyester subsidiaries that are part of Reliance Group, as per company sources.
With this mopve, IPCL would become the third largest polyester producer after Reliance and Indorama Synthetics.
Copmpany Board of Directors is to discuss the proposal on Tuesday, they added.
Post merger, IPCL will have a combined production capacity of 280,000 – 300,000 tons per year of polyester filament yarn (PFY), polyester staple fibre (PSF), fiberfill and polyester chips.
Its plants are situated in Maharashtra (Nagothane), Orissa, Punjab and Uttar Pradesh.
Appollo Fibres, Orissa Polyfibres, Silvassa Industries, Central India Polyesters, India Polyfibres and Recron Synthetics are the companies to be merged.
marketing@alchempro.com
