Mangalore Refinery and Petrochemicals (MRPL) will take over a $1 billion petrochemical plant adjacent to its refinery in Karnataka in an all share deal. The company had recently raised its stake in ONGC Mangalore Petrochemicals (OMPL), which is setting up an aromatic complex adjacent to the Mangalore Refinery at a cost of Rs 6,400 crore, to 51 per cent. It will now acquire remaining shares.
OMPL is a greenfield petrochemical project at the Mangaluru Special Economic Zone, adjacent to MRPL’s own 15 million tons a year refinery, and comprises an aromatic complex for production of Para-xylene and Benzene.
MRPL, a subsidiary of state-run exploration firm Oil and Natural Gas Corporation (ONGC), runs a coastal refinery in southern Karnataka state with a capacity of 300,000 bpd.
Company Name | CMP |
---|---|
Reliance Industries | 2868.50 |
Indian Oil Corp. | 170.80 |
BPCL | 629.80 |
HPCL | 534.00 |
MRPL | 251.40 |
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