Indian Petrochemicals Corporation Limited (IPCL) was a petrochemicals company in India. At the time of its divestment to Reliance Industries Limited, its turnover for the financial year 2005-06 had crossed the US $2 billion mark.

History

IPCL was established on 22 March 1969, as a Government of India undertaking, with the objective of promoting the development of the

petrochemical industry The petrochemical industry is concerned with the production and trade of petrochemicals. A major part is constituted by the plastics (polymer) industry. It directly interfaces with the petroleum industry, especially the downstream sector. Comp ...

in India. Prime Minister Smt. Indira Gandhi, invited Shri Jayant Jyotendra Mehta (who had built the National Rayon plant at Kalyan) to head the IPCL project. Jayant J. Mehta was the founder Chairman and Managing Director of IPCL. The Company began construction of its first petrochemicals complex at

Vadodara Vadodara (), also known as Baroda, is the second largest city in the Indian state of Gujarat. It serves as the administrative headquarters of the Vadodara district and is situated on the banks of the Vishwamitri River, from the state capita ...

in 1970. Commercial production at the complex commenced in 1973. The Company’s second petrochemicals complex in

Nagothana Nagothana is a census town in Roha Taluka, in the Raigad district of the Indian state of Maharashtra. The Kanyakumari - Panvel National Highway # 66 (NH66) goes through this town. Geography Nagothana is located at . It has an average elevation ...

was commissioned in 1992 and its third complex at Gandhar was commissioned in 1996. In August 1992, the Company’s shares were listed on all the major stock exchanges in India including

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange i ...

and

National Stock Exchange of India National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, M ...

Consolidation

On 1 April 2005, the six polyester companies namely Appollo Fibres Limited (AFL), Central India Polyesters Limited (CIPL), India Polyfibres Limited (IPL), Orissa Polyfibres Limited (OPL), Recron Synthetics Limited (RSL) and Silvassa Industries Private Limited (SIPL) have been amalgamated with IPCL. This marks the entry of the Company in the polyester sector. The polyester units are based in

Hoshiarpur Hoshiarpur () is a city and a municipal corporation in Hoshiarpur district in the Doaba region of the Indian state of Punjab. It was founded, according to tradition, during the early part of the fourteenth century. In 1809, it was occupied b ...

(

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising a ...

Nagpur Nagpur (pronunciation: aːɡpuːɾ is the third largest city and the winter capital of the Indian state of Maharashtra. It is the 13th largest city in India by population and according to an Oxford's Economics report, Nagpur is projected to ...

( Maharashtra),

Barabanki Barabanki is a city and a municipal board in the Indian state of Uttar Pradesh. It is administrative headquarters of Barabanki district. The city is about 30 km east of Lucknow, the state capital. It has a population of 146,831 with a dens ...

(

Uttar Pradesh Uttar Pradesh (; , 'Northern Province') is a state in northern India. With over 200 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world. It was established in 1950 ...

), Baulpur (

Orissa Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of S ...

), Allahabad (

) and

Silvassa Silvassa (Indo-Portuguese; ''Vila de Paço d'Arcos'') is a city and municipality in western India, and the headquarters of the Dadra and Nagar Haveli district. It was a part of the former Portuguese Goa and Damaon, and is today the largest ci ...

(

Dadra and Nagar Haveli and Daman and Diu Dadra and Nagar Haveli and Daman and Diu is a union territory in India. The territory was constituted through the merger of the former territories of Dadra and Nagar Haveli and Daman and Diu. Plans for the proposed merger were announced by t ...

Disinvestment

In June 2002, the

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...

as a part of its disinvestment programme divested 26% of its equity shares in favour of Reliance Petroinvestments Limited (RPIL), a Reliance Group Company. RPIL acquired an additional 20% equity shares through a cash offer in terms of SEBI (Takeover Regulations) and held 46% of Company's equity shares. IPCL merged with Reliance Industries Ltd. in 2007.

References

Pharmaceutical industry of Gujarat Formerly government-owned companies of India Petrochemical companies of India Companies based in Vadodara Chemical companies established in 1969 Non-renewable resource companies established in 1969 Indian companies established in 1969 1969 establishments in Gujarat {{med-company-stub