(TH)
ONGC-owned Hindustan Petroleum Corporation Limited (HPCL) plans to merge its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) with itself. Early this year, the government transferred its 51% stake in HPCL to ONGC for ₹36,915 crore. HPCL owns 17% stake in MRPL while its parent ONGC holds a majority 71.63% stake in the company.
“We are in talks with ONGC for transfer of shares. HPCL supplies more than it produces. MRPL will bring economies of scale,” said HPCL chairman Mukesh Kumar Surana. “With MRPL, we can unload crude at Mangalore and get freight advantage. We have a big R&D facility in Mangalore. We have refinery in Vizag in the East Coast, Mumbai in West Coast, Bathinda in North and Mangalore in South. We can integrate facilities and create lots of synergies.”
