Mangalore Refinery and Petrochemicals Ltd (MRPL) on Thursday said it will take over a $1 billion petrochemical plant adjacent to its refinery in Karnataka in an <g data-gr-id="23">all share</g> deal.
MRPL had recently raised its stake in ONGC Mangalore Petrochemicals Ltd (OMPL), which is setting up an aromatic complex adjacent to the Mangalore Refinery at a cost of Rs 6,400 crore, to 51 per cent.
It will now acquire remaining shares.
"MRPL's Board has approved the integration /restructuring of ONGC Mangalore Petrochemicals Ltd (OMPL)," the company said in a statement here.
OMPL is a greenfield petrochemical project at the <g data-gr-id="21">Mangaluru</g> Special Economic Zone, adjacent to MRPL's own 15 million tons a year <g data-gr-id="18">refinery,</g> and comprises an aromatic complex for production of <g data-gr-id="22">Para-xylene</g> and Benzene.
It is to use naphtha produced at the Mangalore Refinery to make raw material for <g data-gr-id="19">manufacture</g> of Polyester. ONGC holds the remaining 49 <g data-gr-id="16">per cent</g> in OMPL.