(PTI)
HPCL may acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a cash and share- swap deal to become India’s third-largest oil refiner, a top official said.
Oil and Natural Gas Corp (ONGC), India’s biggest oil and gas producer, last week announced acquisition of HPCL for Rs 36,915 crore. After this takeover, ONGC has two refining subsidiaries – HPCL and MRPL. “If MRPL comes to HPCL, we can bring lot of synergy,” HPCL Chairman and Managing Director Mukesh Kumar Surana told PTI.
For one, HPCL (Hindustan Petroleum Corp Ltd) sells more petroleum product than it produces and bringing MRPL’s 15 million tonne a year refinery under the fold would help bridge the shortfall. Also, there can be synergies in crude oil procurement as well as in optimising refinery set-up, he said.
