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MRPL pact with Ashok Leyland

By Our Special Correspondent

NEW DELHI, MARCH 29. Mangalore Refinery and Petrochemicals Limited (MRPL) has joined hands with Ashok Leyland to set up petrol stations to distribute petroleum products and provide servicing facilities for trucks through a joint venture.

The memorandum of understanding for the joint venture was endorsed by MRPL chairman Subir Raha and Ashok Leyland Project Services chief executive officer Sahni here on Monday, according to a company release.

MRPL, a subsidiary of the public sector Oil and Natural Gas Corporation (ONGC), has a licence to set up 500 petrol pumps. Ashok Leyland, which has a network of service stations, also associated with the Gulf Oil Corporation Limited (GOCL) engaged in manufacturing and marketing of lubes under the brand `Gulf.'

The joint venture company will comprise MRPL and Ashok Leyland Project Services Limited, with each having an equal equity share of 26 per cent. The remaining 48 per cent equity will be offered to financial institutions and other strategic investors.

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