Reliance Industries (RIL) board of directors fixed 12 October 2007 as the record date for the purpose of determining the shareholders of Indian Petrochemicals Corporation (IPCL) who will be entitled to receive equity shares RIL in terms of the scheme of amalgamation. RIL will issue its 1 equity share of Rs 10 each for every 5 equity shares of the IPCL held on record date. The company made this announcement after market hours yesterday, 11 September 2007.
On 4 September 2007, RIL has announced the acquisition of a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), a company that has a significant presence in East Africa in the petroleum downstream sector, for an undisclosed amount.
RIL's net profit rose 28.2% to Rs 3264 crore on a 14.4% increase in sales to Rs 28056 crore in Q1 June 2007 over Q1 June 2006.
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