The board of directors of Mangalore Refinery and Petrochemicals Ltd (MRPL) has set up an empowered committee of directors (ECoD) to explore options available for the restructuring and integration of the company and ONGC Mangalore Petrochemicals Ltd (OMPL).
This has been done to bring about better synergy across the group and to ensure that the businesses of these entities are operated in a most efficient and cost-effective manner.
The company informed the stock exchanges on Thursday that the Managing Director of MRPL, H Kumar, the Director (Finance), Vishnu Agrawal, and the Director (Refinery), M Venkatesh, are the members of ECoD.
Upon the completion of the evaluation of the possible restructuring options, the ECoD would submit its recommendations to the board of directors, or to such other committees, including the Audit Committee, as required by the applicable laws, it said.