NEW DELHI: State-run oil and gas explorer ONGC’s plan to complete the merger of its refining subsidiary MRPL with recently acquired HPCL to align its upstream and downstream operations into two verticals has got delayed.
The process is now expected to be completed by FY24 as ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before pushing for its merger.
Sources said that the process of merging ONGC’s two oil refining subsidiaries, Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), will start only after the company completes merging ONGC Mangalore Petrochemical Ltd (OMPL) with MRPL.
