The Telegraph
 
 
IN TODAY'S PAPER
CITY NEWSLINES
 
 
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
 
Email This Page
ONGC sets price to up stake in Mangalore

Mumbai, Sept. 25: Oil and Natural Gas Corporation (ONGC) is keen to acquire the 17 per cent stake held by Hindustan Petroleum Corporation Ltd (HPCL) in Mangalore Refineries & Petrochemicals Ltd (MRPL) for over Rs 1,121.75 crore.

The proposal to buy HPCLs stake at Rs 37.75 per share has been sent to the petroleum ministry for its approval. If approved, ONGC stake in MRPL will climb to 87.95 per cent, sources said. MRPL would continue as ONGC's subsidiary for the time being, they added.

ONGCs investment has seen MRPL scrip zoom from Rs 6 to Rs 37 on the stock exchanges.

Incidentally, this move by ONGC, which has diversified into refining and is planning a foray into retail marketing of petroleum products, comes at a time when HPCL is undecided about selling its stake in MRPL.

Top
Email This Page