Karnataka - Mangalore   

MRPL pays dividend to HPCL

Staff Correspondent

MANGALORE: L.K. Gupta, Director (Finance), Mangalore Refinery and Petrochemicals Ltd. (MRPL), a subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC) handed over a dividend cheque of Rs. 20.80 crore for 2005-06 to C. Ramulu, Director (Finance), Hindustan Petroleum Corporation Ltd. The HPCL has 29.71 crore equity shares in MRPL, representing HPCL's 16.95 per cent equity in MRPL.

Shareholders of MRPL approved a dividend of 7 per cent in the AGM held on September 16, according to a company press release here. The MRPL achieved a record output of 12.12 million metric tonnes (MMT), representing 125 per cent capacity utilisation in 2005-06 (up 2.28 per cent from 11.85 MMT in 2004-05).

The MRPL was originally promoted as a joint sector company by HPCL and A.V. Birla Group. The ONGC acquired A.V. Birla Group's equity in March 2003 and infused equity of Rs. 600 crore, under debt restructuring package, implemented immediately thereafter.

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