Mangalore Refinery and Petrochemicals (MRPL) is reportedly planning to acquire promoter’s stake in Mangalore Chemicals & Fertilizers (MCF).
Liquor baron Vijay Mallya’s UB Group holds little over 30% stake in MCF, a non-core investment that may be sold to fund its bleeding Kingfisher Airlines.
MRPL was a joint venture oil refinery promoted by Hindustan Petroleum Corporation (HPCL), a public sector company and IRIL & Associates (AV Birla Group). It has a design capacity to process 9.69 million metric tonnes per annum and is the only refinery in India to have two hydrocrackers producing Premium Diesel (High Cetane).
