Mangalore Refinery and Petrochemicals (MRPL), a subsidiary of ONGC, has acquired 43% stake in ONGC Mangalore Petrochemicals (OMPL) by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3% to 46% of the paid up share capital of OMPL. The board of directors at their meeting held on February 09, 2015 have approved for the same.
ONGC already holds 46% of paid up share capital of OMPL. Consequently, subsequent to the acquisition of 43% stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Companies Act, 2013.
MRPL, a schedule ‘A’ CPSE and a subsidiary of ONGC is a State of Art Grassroot Refinery located in a beautiful hilly terrain, north of Mangalore city, in Dakshin Kannada region.
