The board of directors of Mangalore Refinery & Petrochemicals (MRPL) has approved a proposal for setting up a joint venture company with Ashok Leyland Project Services (ALPS) for non-fuel activities.According to a release issued by MRPL to the BSE today, the company will hold 45% equity in the new venture. While ALPS will also hold 45%, the remaining 10% would be offered to financial institutions.The JV, which will have its registered office at Chennai, will put up facilities like trucking centre, vehicle repair, auto parts, resting and eating facilities for travelers and truckers, convenience stores, communication centres, ATMs and other such facilities at the company's retail outlets."Such activities will be managed by the proposed joint venture, and the retail outlets will be exclusively under the company's logo and control," the release added.
