Mumbai, July 01: Indian Petrochemicals Corporation Ltd (IPCL), a reliance company, has announced a one-time Voluntary Retirement Scheme for its workers. Applications received for VRS from employees are being processed, IPCL informed the Bombay Stock Exchange today.
This is the third company of reliance group to offer a VRS during the past one year.
IPCL, which was incorporated in 1969 by the Government of India, was acquired by Reliance Petroinvestments Ltd for Rs 1,491 crore on June 4, 2002.
Reliance Industries Ltd (RIL) yesterday offered VRS scheme for its employees of its Patalganga unit, which produces paraxylene, purified terephthalic acid and polyester chips and fibre yarns among others.
Prior to this offer, RIL had offered a VRS scheme for the employees of its Naroda unit, which attracted 4,600 employees with an outgo of about Rs 90 crore.
The VRS Naroda unit is into the production of spun yarn and texturised/twisted dried yarn.
Bureau Report