MRPL to invest nearly Rs. 21,000 crore in olefin complex and major petrochemicals hub

Very healthy Q2 results have boosted future projections at Mangalore Refinery and Petrochemicals Limited (MRPL). MRPL has drawn up major expansion plans comprising of expansion of present capacity from 9.2 mln tons to 15 mln tons by 2010 and setting up of an olefin complex along with a major petrochemicals hub with an investment of nearly Rs. 21,000 crore during the XI Plan. The company plans to open retail outlets (ROs) in South India and is also scouting for a strategic partner for acquiring 51% stake in the ONGC Mangalore Petrochemicals Limited. In addition, MRPL is expected to finalise a decision on the detailed feasibility report for an olefin plant to be established with an investment of Rs. 17,000 crore, within the next six months. The joint venture has been floated by ONGC and MRPL to set up an aromatic plant in Mangalore Special Economic Zone. Companies from Japan and South Korea have shown keen interest to acquire stake in the project. The project will entail an investment of Rs. 4,850 crore and manufacture 920,000 tpa of paraxylene.
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