India's largest private sector company, Reliance Industries Ltd, said it had officially completed the acquisition of state-owned Indian Petrochemicals Tuesday by paying 304.3 million dollars to the government for its 26 percent stake in the company.

The Reliance group had in May won IPCL through the government's bidding process for privatising the state-owned company by outbidding rival state-owned Indian Oil Corp Ltd and another private company, Nirma Ltd.

"Reliance Tuesday completed the acquisition of IPCL by paying 14.91 billion rupees to the government of India and signing the shareholder's agreement and other relevant documents," the company said in a statement.

It said the board of IPCL is also being reconstituted with a total of 12 directors, of which six will be Reliance nominees and two will be government nominees, while the rest will be independents.

Reliance group has already announced an open offer for acquiring an additional 20 percent stake of IPCL from the public shareholders at 231 rupees per share, the price the group paid for the government's stake.