On Friday, Reliance Industries Ltd Announced its plans of RIL - RPL merger.
This will also mean that US Petro giant Chevron Corp. won't exercise its option to raise its 5% stake in Reliance Petroleum's 580,000-barrel-a-day refinery at Jamnagar.
On Saturday, US oil major Chevron confirmed its exit from Reliance Petroleum (RPL), and declared that it will sell its five per cent stake to Reliance Industries (RIL). After this, RIL's stake will be up to 75.38 per cent.
RIL Management will discuss the merger on Monday.