Mangalore Refining and Petrochemicals Ltd reportedly said that it has started the process of merger with ONGC Mangalore Petrochemicals Ltd (OMPL) which operates an aromatics complex next door.
Both MRPL and OMPL are subsidiaries of the Oil and Natural Gas Corp. Ltd (ONGC).
MRPL said the board of MRPL has approved the scheme of amalgamation of OMPL with the company, which will give higher flexibility and value to optimize the former’s gross refining margin (GRM)
OMPL’s 442-acre aromatics complex was built at a cost of Rs.5,750 crore. – IIFL