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Acquisition of Ipcl by Reliance Acquisition of Ipcl by Reliance Acquisition of IPCL by Reliance The expected had happened unexpectedly. While everyone expected Reliance to bid for IPCL aggressively, but what an aggression!! The results of the bid, for 26%of equity, announced on 18th May 2002, were: Rupees/share Reliance Industries Ltd (RIL) 231 Indian Oil.