Companies

OMPL merger with MRPL on cards: Managing Director Venkatesh

Our Bureau Mangaluru | Updated on September 18, 2020 Published on September 18, 2020

MRPL Managing Director M. Venkatesh

Mangalore Refinery and Petrochemicals Ltd (MRPL) has said that the merger of its subsidiary OMPL (ONGC Mangalore Petrochemicals Ltd) with itself is on the cards.

Replying to the query by a shareholder at the 32nd annual general meeting of the company, which was conducted virtually on Friday, M Venkatesh, Managing Director of MRPL, said the management is looking at the eventual merger of MRPL and OMPL, and actions are on in this regard.

“We should be in a framework to go ahead with the said proposal,” he said, adding that integrated refinery operations will yield better benefits. The merger of MRPL-OMPL is needed for OMPL and MRPL in terms of revenue growth, he said.

Stating that downstream petrochemical is the way forward, he said a lot of efforts is taken by the management to see that the value addition downstream of the refinery is getting captured in this hour of crisis. “Petroleum products have got a particular demand segment. We are focussed on downstream petrochemical projects,” he said.

Management is actively seized of the matter in taking this merger attempt (MRPL-OMPL) forward, he added.

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Published on September 18, 2020
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