ONGC to begin with the process of merging MRPL with HPCL
By MYBRANDBOOK
ONGC is proposing to commence the process of merging its refining subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL). The merger is believed to leverage synergies and streamline its downstream vertical.
“We will start working on the process now,” Chairman ONGC, Arun Kumar Singh said.
He said adding, “A step towards this has been consolidating the refining and petrochemical business around MRPL, by merging OMPL (ONGC-Mangalore Petrochemicals Ltd) with it.”
Post-merger, while the MRPL brand will cease to exist, the dynamics of the entire process is yet to be worked out. According to Singh, the “merging MRPL with HPCL will in a way help in compensating HPCL’s under-refining capacity (extra which HPCL can sell, but which is beyond its refining capacity).”
The merger process will be in keeping with the changing geopolitical dynamics as well as the business environment post Covid. Since MRPL is a listed entity and there are SEBI norms to be followed, apart from taxation issues, the merger will take some time.
HPCL also happens to be one of the promoters of MRPL. All the three companies involved – HPCL, MRPL and ONGC - are listed and all the processes will have to go through as per the legal requirement.
Meanwhile, MRPL has completed the acquisition of OMPL. OMPL was jointly promoted by ONGC and MRPL with shareholding in the ratio of 49 and 51 per cent, respectively. The MRPL board on December 3, approved the acquisition of up to 100 per cent of the compulsorily convertible debentures (CCD) issued by OMPL (a wholly-owned subsidiary of MRPL) from the debenture holders for an aggregate consideration of up to ₹1,000 crore. The fourth quarter of 2021-22 was set as the indicative time period for the completion of the acquisition.
OMPL has an aromatic complex in the Mangalore Special Economic Zone (MSEZ). OMPL was incorporated on June 19, 2006, and commissioned in October 2014 at a total project cost of ₹6,911 crore . OMPL produces paraxylene and benzene. These products are sold mainly through exports.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
NETWEB TECHNOLOGIES INDIA LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
DRUVA SOFTWARE PVT. LTD.
DIGISOL SYSTEMS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
ICONS OF INDIA : SANJAY NAYAR
Sanjay Nayar is a senior finance professional in the Indian private in...
Icons Of India : Arundhati Bhattacharya
Arundhati Bhattacharya serves as the Chairperson and CEO of Salesforce...
PARTNER SPEAKERS
PSU
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
