New Delhi, Oct 3 (IANS) HPCL’s proposed plan to acquire the Mangalore Refinery and Petrochemical Led (MRPL) for synergy is yet to reach board level discussions, its CMD M.K. Surana said on Thursday.
“We are working on that. Earlier we have said that makes a synergy for HPCL and we are working with the ONGC for this. It is work in progress. It has not reached the board stage and once finalized, it will go to the three boards – HPCL, MRPL and ONGC,” Hindustan Petroleum Corporation Ltd Chairman and Managing Director Surana toldudaipur kiranon the sidelines of India Economic Summit here.
In August, ONGC Chairman and Managing Director Shashank Sekhar had said the proposed merger of its two subsidiaries – HPCL and MRPL – would happen next year.
ONGC had acquired HPCL by buying out the entire government stake of 51.11 per cent by paying Rs 36,915 crore. HPCL holds 16.93 per cent and ONGC has 71.63 per cent.
The proposed consolidation exercise has seen HPCL reluctant to give parent status to ONGC soon after the government exited HPCL by selling its stake. HPCL, for quite some time, did not recognize ONGC as its promoter.