HPCL sets sights on Mangalore Refinery for acquisition

HPCL has expressed its interest to the govt in acquiring the Mangalore-based company

The government decision to go for consolidation among the oil public sector undertakings has fuelled ambitions of at least three of them.

Oil and Natural Gas Corporation (ONGC) and GAIL India had earlier shown interest in taking over Hindustan Petroleum Corporation Ltd (HPCL) and OIL India, respectively. HPCL is now also casting an eye on Mangalore Refinery and Petrochemicals (MRP).

According to sources, HPCL has expressed its interest to the government in acquiring the Mangalore-based company. Second largest in the oil retailing segment, it already holds stake in MRP, a subsidiary of ONGC. “We have expressed our interest to grab