ONGC-MRPL may bid for management control in Haldia Petrochem

04-Jun-12
Mangalore Refineries and Petrochemicals Ltd is in consortium with Indian Oil are in active negotiations and are likely to bid for management control in the ailing Haldia Petrochemicals Ltd. IOC currently holds 9% stake in HPL. MRPL (ONGC group company), is in negotiation to bid for West Bengal Government's undisputed 43% stake holding in HPL. ONGC-MRPL is expected to meet the State Government in this regard. IOC supplies 20% of HPl’s naphtha requirement from its neighbouring Haldia refinery and has requisite expertise in running petrochemicals. ONGC-MRPL, on the other hand, has adequate cash; can offer naphtha from its expanded Mangalore operations. The group is set to enter the petrochem market through ONGC Petro Additions Ltd.
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