The Bhopal disaster is frequently cited as the worst industrial disaster. The International Medical Commission on Bhopal was established in 1993 to respond to the long term health effects of the disaster. The owner of the factory, UCIL, was majority owned by UCC, with Indian Government-controlled banks and the Indian public holding a 49.1 percent stake. In 1989, UCC paid $470 million ($929 million in 2017 dollars) to settle litigation stemming from the disaster. In 1994, UCC sold its stake in UCIL to EverReady Industries India Limited (EIIL), which subsequently merged with McLeod Russel (India) Ltd. Eveready ended clean-up on the site in 1998, when it terminated its 99-year lease and turned over control of the site to the state government of Madhya Pradesh. Dow Chemical Company purchased UCC in 2001, seventeen years after the disaster.