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Indian Oil-BRPL merger plan awaits Cabinet nod
IndianOil is expecting the Union Cabinet committee to approve the merger proposal of Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself next month.
"We are expecting the Cabinet note for the same to be circulated in June. Hopefully, the approval will be available in July," a senior company official told Business Line.
The board of directors of both the company approved merger of BRPL with IOC in November 2006. The swap ratio was pegged at 4:37 (four equity shares of Rs 10 each of IOC for every 37 shares of Rs 10 each of BRPL). IOC holds 74% stake in BRPL.
"We are expecting the Cabinet note for the same to be circulated in June. Hopefully, the approval will be available in July," a senior company official told Business Line. 
