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Anil Ambani quits as IPCL Vice-Chairman

By Our Staff Correspondent

MUMBAI, JAN. 3. Anil Ambani today resigned from his post as Vice-Chairman of the Indian Petrochemicals Corporation Ltd. (IPCL), a Reliance group company.

A company source indicated that Mr. Ambani was unwilling to work on the same board as Anand Jain, who is said to be close to Mukesh Ambani, Chairman, IPCL. Further, Anil felt that he was the victim of a "hidden agenda" and that a personal vilification campaign was being carried out against him.

In 2002, Reliance acquired the erstwhile public sector company, IPCL, by bidding successfully for the government's equity and becoming a strategic partner.

Reliance paid Rs. 1490.80 crores for a 26 per cent stake in IPCL and subsequently made an open offer for a further 20 per cent, giving it a 46 per cent stake in the company. The Government sold its residual 34 per cent in IPCL earlier last year.

Considered a strategic move, the control of IPCL gives Reliance control over more than 60 per cent of India's ethylene capacity with the IPCL's 2.4 million tonne capacity.

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