New Delhi, May 17 :    New Delhi, May 17:  Reliance Industries appears to have emerged as the winner in the race to pick up a 26 per cent strategic stake in Indian Petrochemicals Ltd (IPCL) that the government has put on the block. When the bids were opened today, Reliance was the frontrunner with a top bid of Rs 200 per share. Sources said state-owned Indian Oil Corporation, which was seen as a strong contender, had put in a bid of between Rs 150-160; detergents maker Nirma bid Rs 185-190; the fourth bidder, Indo-Rama's price was not known. The Oil and Natural Gas Commission (ONGC) had made a last attempt to team up with IOC to mount a joint bid for IPCL but failed to pull it off. Sources said the reserve price for the Vadodara-based petrochemicals maker was reportedly Rs 136 per share. The final decision will have to be approved by the cabinet committee on divestment (CCD) which is meeting tomorrow. Sources in the disinvestment ministry said: 'All the bids are above the reserve price set for IPCL. Going by the general norms, the highest bidder should get the stake; however, it is up to the Cabinet to decide whom it should pick as the strategic partner.' Controversy erupted just weeks before the bidding closed after the Central Bureau of Investigation filed charges against three Reliance executives for violating the Official Secrets Act two years ago, when some documents were found in their possession. The three executives were later released on bail. The government and the bureaucrats have been sharply divided on the Reliance bid with a very strong lobby trying to keep it out of the bidding process. Disinvestment minister Arun Shourie has gone on record saying there appeared to be nothing in the case against the three executives that could deny it the right to bid. Currently, the government holds a 59.95 per cent stake in IPCL. It has decided to offload 51 per cent in two phases. The management control will be transferred to the successful bidder for the 26 per cent stake within the current financial year. The new partner will have the right of refusal for the remaining 25 per cent.