Abstract
In May 2002, results of bids to acquire Indian Petrochemicals Corporation Ltd (IPCL) were announced. Reliance Industries Ltd's bid of Rs 231/share was the highest - 76% higher than the bid of the next highest bidder and 74% higher than IPCL's last traded price. The case discusses issues in valuing a company, belonging to a cyclical industry, in the backdrop of changing business environment of India.
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