ONGC’s subsidiary - Mangalore Refinery and Petrochemicals (MRPL), 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.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
