Government on Saturday night approved sale of its 26 per cent stake in Indian Petrochemicals Corporation (IPCL) to country`s largest petrochemical company Reliance Industries for Rs 1,440 crore. Reliance outshined state-run refiner Indian Oil Corporation (IOC) and detergent maker Nirma to win India`s second largest petrochemical company for a price of about Rs 231 per share, sources said. Government, which presently has 59.95 per cent equity in IPCL, has decided to offload 51 per cent stake in two phases. It would transfer management control to Reliance for 26 per cent stake initially and the new partner would have the right of refusal over the remaining 25 per cent equity. Bureau Report