MRPL hikes stake in ONGC Mangalore Petrochemicals to 46%

Mangalore Refinery and Petrochemicals Ltd (MRPL) has raised its stake in ONGC Mangalore Petrochemicals Limited (OMPL) - a JV between Oil and Natural Gas Corp (ONGC) & its subsidiary MRPL – from 3 percent to 46 percent. “The Board of Directors of the Company at its meeting held on February 09, 2015 has approved for acquiring of major stake in OMPL. MRPL was holding 3% of the paid up equity of OMPL, which has been increased to 46% by purchasing fully paid up equity shares from individual shareholders,” said MRPL in a BSE filing.
 
OMPL has built an aromatic complex in Mangalore Special Economic Zone, and is totally integrated with the adjacent MRPL refinery, which supplies feedstock naphtha to OMPL.

The aromatic complex produces paraxylene and benzene besides small amounts of LPG, fuel gas and hydrogen. Paraxylene is the main building for production of polyester fibres and PET bottles while benzene will produce industrial chemicals.