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U.S.Reliance Acquires Closest Competitor India's largest petrochemical company, Reliance Industries, outbid both Indian Oil Corp. and detergent manufacturer Nirma to gain a 26% share and management control of its closest rival, Indian Petrochemicals Corp. Ltd. Reliance will pay $304 million for the IPCL stake, auctioned off as part of the Indian government's divestment policy. Its bid was at a 74% premium to the price of IPCL's publicly traded shares. Reliance will issue an open offer to acquire an additional 20% stake in IPCL for $235 million. With the addition of IPCL's three ethylene crackers, Reliance will control two-thirds of India's 2.4 million metric tons of ethylene capacity. The acquisition will increase Reliance's $12 billion in annual sales by about 10% and boost its capacity to 12.8 million metric tons of a broad range of petrochemicals. |
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