Reliance Industries To Merge Reliance Petroleum With Itself

Mukesh Ambani's Reliance Industries (RIL) has announced its plans to merge its group firm Reliance Petroleum with itself. RIL said in a statement to Bombay Stock Exchange that it will hold a board meeting on March 2 to consider the merger of Reliance Petroleum with the company.

The merger is not likely to impact RPL Refinery's SEZ status, TV reports said.

The announcement came after the close of markets today. RIL scrip ended the day at Rs 1,265, nearly 2 per cent down from Thursday's closure. Reliance Petroleum stock ended the day at Rs 76.20, nearly 1.23 per cent lower than Thursday's close.

More details awaited.