The merger of IBP with its parent company IOC will be completed during the current fiscal, V C Agarwal, MD of IBP, said here today at the company's 98th AGM.
The merger process is in the final stage and would be completed in 2006-07. It would benefit both IBP and IOC by consolidating the petroleum marketing business for enhanced efficiency. The scheme of amalgamation would be 110 equity shares of IOC for 100 IBP shares, he said.
Post-merger, the IBP brand would be retained, adding that a call would be taken on whether to continue with it in future. During the year, the company will open 250 retail outlets at a cost of Rs 110 crore.