The decks have been cleared for the AV Birla group to ramp up its stake in the joint sector Mangalore Refineries and Petrochemicals Ltd (MRPL) from 37.5 per cent to 51 per cent. As per an agreement arrived at between the two promoters of MRPL, the AV Birla group and Hindustan Petroleum Corporation Ltd (HPCL), MRPL will issue shares at par to the AV Birla group to raise its stake in the company.
Once the AVB group gains management control, it is hopeful of finding a