The board of directors of Mangalore Refinery and Petrochemicals Ltd (MRPL) has set up an empowered committee of directors (ECoD) to explore options available for the restructuring and integration of the company and ONGC Mangalore Petrochemicals Ltd (OMPL).
This has been done to bring about better synergy across the group and to ensure that the businesses of these entities are operated in a most efficient and cost-effective manner.The board of directors of Mangalore Refinery and Petrochemicals Ltd (MRPL) has set up an empowered committee of directors (ECoD) to explore options#
MRPL already has a stake in OMPL, which is adjacent to MRPL, with the other stakeholder being state-owned oil explorer, ONGC.
OMPL has a capacity to manufacture 0.9 million tons per annum of paraxylene (PX) and 0.3 million tons, the raw material for which will be supplied by MRPL.
In a stock exchange filing, MRPL said the managing director of MRPL, H Kumar, director (finance), Vishnu Agrawal, and director (refinery), M Venkatesh, are the members of ECoD.
Upon the completion of the evaluation of the possible restructuring options, the ECoD would submit its recommendations to the board of directors, or to such other committees, including the Audit Committee, as required by the applicable laws, it said. (AR)
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