We are hopeful of MRPL-HPCL merger next year, says ONGC Chief
Oil and Natural Gas Corporation (ONGC) is hopeful of merging its downstream subsidiaries next year. Speaking after ONGC’s 26th Annual General Meeting, Chairman and Managing Director, Shashi Shankar said, “A committee has been formed to look into the synergies.”
He was responding to a query about the synergies after ONGC’s acquisition of fellow public sector undertaking, Hindustan Petroleum Corporation Limited. Elaborating on the way ahead, Shankar said, “We are hopeful of a merger between Mangalore Refinery and Petrochemicals Limited (MRPL) and HPCL next year.”
ONGC completed acquisition HPCL in January 2018 after spending nearly ₹ 36,915 crore. After initially dragging its feet, the HPCL board recognised ONGC as its promoter a few weeks ago. This is being looked as another step towards greater synergy between the two companies and an opportunity for ONGC to organise its downstream businesses.
