Mangalore Refinery And Petrochemicals rallies 6% on reports of merger plans with OMPL

NEW DELHI: Mangalore Refinery And Petrochemicals Ltd (MRPL) surged as much as 5.98 per cent in trade on Monday on reports which suggested that ONGC is evaluating a proposal to merge ONGC Mangalore Petrochemicals (OMPL) with Mangalore Refinery and Petrochemicals (MRPL).

At 10:00 a.m.; MRPL was trading 3.1 per cent higher at Rs 68. It hit a low of Rs 65.95 and a high of Rs 69.90 in trade today.

As per media reports, the PSU firm has appointed consultancy firm Deloitte to come up with a fair valuation of OMPL. The petrochemical complex, set up over 442 acre in Mangalore, is expected to be commissioned by August, after a delay of more than a year.

The R5,750 crore-worth petrochemical project is currently promoted by ONGC and MRPL, both of whom hold a total equity of 49%, added the report.