MRPL increases stake in ONGC Mangalore Petrochemicals Limited to 46%

12-Feb-15

Mangalore Refinery and Petrochemicals Limited has increased its stake in ONGC Mangalore Petrochemicals Limited to 46% from 3%, as per Business Line. In a BSE filing, MRPL said that its board approved the acquisition of major stake in OMPL by purchasing fully paid-up equity shares from individual shareholders. Till recently, Oil and Natural Gas Corporation was holding 46% and MRPL 3% in OMPL. The balance 51% was yet to be allotted. OMPL is jointly promoted by ONGC and MRPL for manufacturing 0.9 mln tpa of paraxylene and 0.3 mln tons of benzene from the aromatic streams of MRPL.