India’s ONGC has planned to merge Mangalore Refinery and Petrochemicals Ltd ( MRPL ) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed now. Now the process wil get completed by 22024.
The merger was aimed at aligning ONGC’s upstream and downstream operations into two verticals. But ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before going for the merger. The process of merging the two oil refining subsidiaries would start only after the company completes merging ONGC Mangalore Petrochemical Ltd (OMPL) with MRPL. Company sources said that the merger of HPCL and MRPL under conservative assumptions could happen by end of 2024 as the MRPL-OMPL merger has to happen first and that the business should continue for five years with late 2019 as the effective date of their merger at the least. The merger could begin within next two years as OMPL is likely to get merged with MRPL by then.
