Ministry of Corporate Affairs, the competent authority to approve mergers of government companies has sanctioned the merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL), a subsidiary of Indian Oil with Indian Oil Corporation Ltd.
The merger provides for a swap ratio of 4 : 37 that will translate into four equity shares of Rs 10 each of Indian Oil as fully paid for every 37 equity shares of Rs 10 each of Bongaigaon Refinery & Petrochemicals Ltd.