HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > Business Headline > Report

ONGC gets nod for MRPL stake

BS Energy Editor in New Delhi | February 20, 2003 12:59 IST

The Cabinet Committee on Economic Affairs today cleared the Oil and Natural Gas Corporation's proposal to acquire the Aditya Birla Group's 39.37 per cent equity in Mangalore Refinery and Petrochemicals Ltd.

However, in view of its financial implications for the Budget, the Cabinet deferred its decision on the integrated liquefied natural gas policy.

ONGC's proposal for acquiring the Aditya Birla Group's stake in MRPL was cleared by the Public Investment Board last month on the government's insistence.

ONGC is planning to invest Rs 60 crore (Rs 600 million) to pick up 39.37 per cent equity in the refinery at Rs 2 a share and infuse Rs 600 crore (Rs 6 billion) as fresh equity in the joint venture to gain management control of the refinery. The investment by ONGC in the refinery, therefore, comes to Rs 660 crore.

ONGC is learnt to be keen on acquiring MRPL at the earliest in order to start processing crude from the refinery and enter the lucrative retail sector.

Since the corporation has been barred by the Cabinet Committee on Divestment from bidding for the public sector Hindustan Petroleum Corporation Ltd, it is planning to set up independent retail outlets.


Powered by



Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


ONGC to take over MRPL

Sucheta Dalal on divestment policy

CCD to discuss oil PSUs on Jan 26



People Who Read This Also Read


Colour TVs to cost 10% less

BSNL files new STD tariff with TRAI

GE Aircraft may outsource to India







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.