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IBP merged with IndianOil
New Delhi, May 04, 2007
IBP Co. Limited, the stand-alone petroleum marketing subsidiary of Indian Oil Corporation Limited (IndianOil) with exclusive business groups for Explosives and Cryogenics, was merged with the parent company with effect from 2nd May, 2007. The Ministry of Company Affairs gave its sanction to the scheme of amalgamation for merger by an order dated 30th April, 2007 and the Order of Amalgamation was filed with the Registrar of Companies yesterday.

IBP was inducted as an IndianOil Group company in February 2002. In the past five years, both IndianOil and IBP worked jointly to exploit new and emerging opportunities in the market place, simultaneously focussing on optimisation of infrastructure and operations, and reduction in manpower costs.

Shri Sarthak Behuria, Chairman, IndianOil, while wholeheartedly welcoming IBP employees into the IndianOil fold, said, �As a step towards achieving smooth and seamless integration of business activities and people of erstwhile IBP in IndianOil, a new �IBP Division� has been created with immediate effect. It shall be our endeavour to integrate the various business segments of erstwhile IBP with similar business segments of the respective divisions of IndianOil at the earliest so as to achieve the objectives of synergy, consolidation and optimisation of resources,� he added.

Shri V.C.Agrawal, Director (HR), IndianOil, and Managing Director of IBP till now, shall hold additional charge as Director-in-charge of the division.
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