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The boards of Mangalore Refinery and Petrochemicals Ltd (MRPL) and ONGC Mangalore Petrochemicals Ltd (OMPL), a wholly owned subsidiary of MRPL, have approved the scheme of amalgamation of OMPL with MRPL.
MRPL informed stock exchanges on Thursday that the board meetings of MRPL and OMPL approved the scheme of amalgamation on June 10. ONGC had transferred 124.67 crore shares of OMPL to MRPL’s demat account on January 1.
With this, the shareholding of MRPL in OMPL had increased to 99.9998 per cent. MRPL acquired the remaining stake in OMPL from ONGC on May 20. Following this, OMPL had become a wholly owned subsidiary of MRPL.
On May 20, MRPL had informed the stock exchanges that such an integration of OMPL with MRPL yields additional synergy benefits for the group.
A majority of the feed stocks (naphtha and aromatics streams) generated by the refinery complex of MRPL is being processed to produce paraxylene and benzene in OMPL.
Paraxylene and benzene are exported through a dedicated 14-km-long pipeline corridor through the jetty of New Mangalore Port Trust (NMPT).
Incorporated on December 19 2006, OMPL is located adjacent to MRPL in Mangalore SEZ. Spread around 441 acres of land, OMPL complex is the largest single stream unit in Asia to produce 914 KTPA paraxylene and 283 KTPA benzene.
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