Mangalore Refinery and Petrochemicals Ltd (MRPL) has said that the merger of its subsidiary OMPL (ONGC Mangalore Petrochemicals Ltd) with itself is on the cards.
Replying to the query by a shareholder at the 32nd annual general meeting of the company, which was conducted virtually on Friday, M Venkatesh, Managing Director of MRPL, said the management is looking at the eventual merger of MRPL and OMPL, and actions are on in this regard.
“We should be in a framework to go ahead with the said proposal,” he said, adding that integrated refinery operations will yield better benefits. The merger of MRPL-OMPL is needed for OMPL and MRPL in terms of revenue growth, he said.
Stating that downstream petrochemical is the way forward, he said a lot of efforts is taken by the management to see that the value addition downstream of the refinery is getting captured in this hour of crisis. “Petroleum products have got a particular demand segment. We are focussed on downstream petrochemical projects,” he said.
Management is actively seized of the matter in taking this merger attempt (MRPL-OMPL) forward, he added.