MRPL, Shell Aviation float JV for ATF mktg

Mangalore Refinery & Petrochemicals (MRPL), a subsidiary of ONGC,  has entered into an agreement to form a joint venture (JV) with Shell Aviation for marketing of aviation fuel.

According to a release issued by MRPL to the BSE today, the agreement was signed yesterday by R Rajamani, managing director,  MRPL, and Sjoerd Post, vice president, Shell Aviation. The agreement is effective March 1, 2008.

The new entity would be incorporated as a private limited company with an initial equity of Rs 30 crore. Both registered and head offices of the JV company would be in Bangalore.

The company will initially market ATF at the Bangalore and Hyderabad airports, and later expand operations to other airports.