Mangalore Refinery and Petrochemicals (MRPL) today signed a joint venture (JV) shareholders agreement with Shell for marketing jet fuel.The JV company will initially market Aviation Turbine Fuel (ATF) at Bangalore and Hyderabad and later expand its operations to other airports in India.The JV will refuel foreign aircraft in Indian airports and also contract refuelling of Indian aircraft at foreign airports through Shell affiliates.The JV company would be incorporated as a private limited company with initial equity at Rs 30 crore, a press release said.The registered office and head office of the JV would be located in Bangalore.The JV will be exclusive in nature and both MRPL and Shell would route all their future marketing activities for aviation fuelling through the JV.The agreement will come into effect on March 1, 2008.Vikram Mehta, chairman, Shell India, said: "With the huge growth in the civil aviation sector in India, it is timely that we are formally joining hands with MRPL to serve this large market opportunity."
