Monday, June 27 2005 17:02 Hrs (IST) - World Time -

Vadodara: Reliance Industries Ltd (RIL) Chairman Mukesh Ambani today (Jun 27, 2005) ruled out any merger of Indian Petrochemicals Corporation Ltd (IPCL) with RIL but said that IPCL board can take a decision on it.

At present, there was no plan of merger of IPCL with RIL. However, IPCL board can take a decision on it, he said addressing the IPCL annual general meeting for the first time after settlement of ownership issues with younger brother Anil.

Mukesh said IPCL would yield better results and dividends in subsequent years and asked shareholders to watch the company's performance.

Shareholders who spoke at the AGM demanded increased dividends saying that the group of companies now headed by the younger brother Anil, were performing well and giving good dividends and expected Mukesh to do the same.

They complained that despite good performance by IPCL, which posted a profit of Rs 786 crore, the amount of dividend of 45 per cent announced was less.

In his reply, Mukesh said, "Our job is to perform well and it is for the market to decide." He, however, asked them to keep patience.

Nearly 40 questions related to merger of IPCL with RIL, dividends and performance of other group of companies were asked by shareholders.