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India Reliance says amalgamation to be tax neutral

business Updated: Mar 02, 2009 11:09 IST
Reuters
India Reliance says amalgamation to be tax neutral

India's Reliance Industries said on Monday its absorption of its Reliance Petroleum unit will be tax neutral for both the entities.

"This merger is not about tax benefits. As far is taxation is concerned the SEZ refinery is a separate undertaking. Both refineries will retain their tax benefits," Alok Agarwal told a news conference.

Earlier Reliance Industries, India's largest listed firm, said it would issue one share for every 16 held in its unit.