M Venkatesh, Managing Director of MRPL has said that the merger of OMPL (ONGC Mangalore Petrochemicals Ltd) with MRPL (Mangalore Refinery and Petrochemicals Ltd) is likely to be completed by February 2022.
Venkatesh was addressing the queries of shareholders at a meeting convened by the Ministry of Corporate Affairs on the amalgamation of OMPL and MRPL on Friday, where he said that the merger of OMPL with MRPL is expected to be completed by February.
“It is a step-by-step process, and every step has to be taken. The aim is to complete the merger before this closure of this financial year,” he said.
He further said that the merger is expected to give a benefit of at least $0.5 to $1 per GRM (gross refining margin), when asked about the benefits of the amalgamation.
When asked about the cost of the acquisition of OMPL, Venkatesh said the cost of acquisition is roughly about ₹1,216 crore.
On asked the time needed to complete the merger, he said, “We have been directed to complete the merger of MRPL-OMPL on expeditious basis, and the activity is on. HPCL-MRPL merger activities may start soon after that depending on the majority shareholders — ONGC and HPCL,” he said.
“We are a standalone refinery, and merger with the HPCL will definitely benefit us and that is a focal point. But that depends on how fast the MRPL-OMPL merger will be completed. We expect the merger of the refinery (MRPL) and aromatic complex (OMPL) to complete by February. Later on, the much-intended merger of MRPL with the marketing company HPCL can be looked into,” he said.
Rohit Mathur, Joint Secretary in the Ministry of Petroleum and Natural Gas, chaired the meeting
