RIL and RPL merger who will benefit?

The boards of Reliance Industries (RIL) and Reliance Petroleum (RPL) will be meeting on March 2 to consider amalgamation of both the companies.
This will be yet another instance when RIL, the biggest private refiner in the country, would merge its refining subsidiary with itself.

Chevron has a 5% stake in Reliance Petroleum Limited (RPL). It bought the stake 3 years ago for 60 rupees per share. If it doesn’t raise the stake now to 29%, it will get the same amount of money it invested. (via)

Reliance Ind Holds 70%
LIC holds 2.06%
Fidelity holds 1.67%

What The Hindu Business Line has to say -

This merger of RPL is expected to transform RIL to be among world’s 50 most profitable companies; top ten non-state owned refining company globally; top 15 independent upstream companies; and five largest producers of poly propylene in the world. (Hindu)

Benefit to share holders -

The new refinery is expected to bring in additional revenues of Rs 100,000 crore and net profit of Rs 8,500 crore, annually, which is over half of RIL’s net profit for the 12 months ended December 2008. Hence, there is no doubt that the merger will be EPS accretive for RIL shareholders.

What RPL shareholders should do now is a key question. If they choose to convert their shareholding to RIL immediately, they will get a swap ratio of around 1:18 or 1:20 according to the current market price.

Reliance Industry share holders will benefit the most and later RPL's share holders.
RPL share holders should hold on and wait and watch.
Chevron wouldn't benefit from this.