ONGC to start retail foray from Mangalore

Oil and Natural Gas Corporation (ONGC) is planning to launch its first retail outlet for marketing of motor spirit (petrol) and high speed diesel at Mangalore shortly.

The oil major's subsidiary "� MRPL "� will set up the retail outlet at Mangalore as part of its nationalwide retail chain. ONGC has received government authorisation recently to set up 1,100 retail outlets of its own and another 500 outlets of MRPL.

Announcing this here today, A Kaviraj, executive director of ONGC, said that the company was interested in acquiring HPCL's stake in MRPL. "We are yet to take a decision on merging MRPL with the corporation," he added.

At present, the company owns about 72 per cent equity stake in MRPL. Since we took over, MRPL's capacity utilisation has increased to more than 100 per cent from the 60 per cent level in March 2003, Kaviraj said.